Stocks Fall on Inflation Concern; Treasuries, Wheat, Corn Gain
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Stocks fell, sending emerging markets down for a fifth day, amid concern accelerating inflation will push up borrowing costs. Corn, wheat and soybeans rose to the highest prices since 2008, while the dollar slid and Treasuries rebounded.
The MSCI Emerging Markets Index lost 1.5 percent at 4 p.m. in New York to extend its longest slump since November. The Standard & Poor’s 500 Index decreased 0.3 percent in a retreat from its highest close in 2 1/2 years, while European shares extended losses as Ireland said it will postpone planned capital injections into banks. Wheat jumped as much as 2.2 percent, and corn added 4 percent. The Dollar Index lost 0.5 percent and 10-year Treasury yields fell from the highest level since May.