Stocks Fall on Debt Crisis Concern as Treasuries, Dollar Advance
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U.S. stocks fell, halting a two-day advance, while Treasuries and the dollar rose amid concern European officials were failing to make progress in taming the debt crisis.
The Standard & Poor’s 500 Index slipped 1.2 percent to 1,205.35 at 4 p.m. in New York and the Dow Jones Industrial Average decreased 100.13 points, or 0.8 percent, to 11,766.26. Ten-year Treasury yields fell four basis points to 1.81 percent. The euro lost 0.4 percent to $1.2995 as the dollar climbed against 13 of 16 major peers. The won sank to a two-month low and the Kospi Index slid 3.4 percent after North Korean leader Kim Jong Il died. Corn and wheat led commodities higher.