U.S. Stocks Decline as Stronger Dollar Weighs on Commodities
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U.S. stocks fell, with the Standard & Poor’s 500 Index retreating from the highest level since September 2008, as a stronger dollar weighed on prices of commodities and shares of the companies that produce them.
Stocks pared losses as minutes from the last Federal Reserve meeting said the economic recovery wasn’t strong enough to scale back a second round of quantitative easing. Newmont Mining Corp., the largest U.S. gold producer, declined 3.3 percent as the metal fell the most in six months. Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, lost 0.7 percent as materials producers in the S&P 500 declined 0.5 percent.