Economics
U.S. Stocks Decline as Commodities Tumble Amid Stronger Dollar
This article is for subscribers only.
U.S. stocks slumped, giving the Standard & Poor’s 500 Index its biggest decline since March, as commodities tumbled amid a strengthening dollar and concern that accelerating global inflation may curb economic growth.
Freeport-McMoRan Copper & Gold Inc. and Halliburton Co. fell at least 4 percent as data from China raised expectations about higher interest rates. Yahoo! Inc. dropped 7.3 percent on concern that its stake in a Chinese Internet business may lose value after a transfer of ownership in the company’s online payment business. Walt Disney Co., the biggest theme-park operator, slumped 5.4 percent after profit missed estimates.