Stocks, Treasuries Retreat as Lawmakers Push Rival Debt Plans
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U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a two-week high, and Treasuries and commodities declined as a political stalemate over raising the federal debt ceiling intensified.
The S&P 500 slipped 0.6 percent to 1,337.43 at 4 p.m. in New York after losing as much as 1 percent. The 30-year Treasury yield rose six basis points to 4.32 percent. Oil lost 0.7 percent, retreating for the first time in five days. The Dollar Index was little changed and gold and the Swiss franc touched records. Greece’s 10-year bond halted a four-day gain as Moody’s Investors Service cut the nation’s rating by three levels.