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Stocks, Euro Decline as Germany, France Propose Transaction Tax

U.S. stocks broke a three-day winning streak and the euro slid from a three-week high against the dollar as France and Germany said they will propose a financial transaction tax and rejected the sale of common European bonds. Treasuries and gold rallied, while oil slid.

The Standard & Poor’s 500 Index declined 1 percent to 1,192.76 at 4 p.m. in New York after rallying 7.5 percent in the three previous sessions, its biggest jump since March 2009. The Stoxx Europe 600 Index lost 0.1 percent following weaker-than-forecast economic growth in the region. The euro slipped 0.3 percent to $1.4409. Ten-year Treasury yields fell eight basis points to 2.22 percent. Gold climbed to a record while oil dropped 1.4 percent.