Stocks Fall as Treasuries Gain on Retail Sales; Euro Rise
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Stocks fell and Treasuries rose after a drop in American retail sales and higher borrowing costs in Italy and Germany fueled concern about the global economy. The euro gained on speculation Greece will stay in the currency bloc regardless of the results of weekend elections.
The Standard & Poor’s 500 Index decreased 0.7 percent to 1,314.88 at 4 p.m. in New York, wiping out most of yesterday’s rally. The euro appreciated 0.6 percent to $1.2573 as it strengthened against 13 of 16 major peers. Ten-year U.S. note yields lost six basis points to 1.61 percent after the Treasury auctioned debt at a record low yield. Oil slid to an eight-month low after swinging between gains and losses during the day.