Gasoline Climbs, Stocks Fall as Sandy Shuts U.S. Markets
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Gasoline rose for a third day and oil fell to a three-month low as Hurricane Sandy threatened U.S. East Coast refineries and closed equity trading. Treasuries and the dollar strengthened amid increased demand for refuge.
Gasoline futures jumped 2.1 percent in New York while oil fell 0.9 percent at 4 p.m. New York time. Ten-year Treasury note yields dropped three basis points to 1.72 percent in an abbreviated session. The Stoxx Europe 600 Index fell 0.4 percent as trading volume slumped. Standard & Poor’s 500 Index futures were 0.4 percent lower, while Canadian shares added 0.1 percent and Brazilian equities dropped 0.2 percent at 4 p.m. New York time. The euro depreciated 0.3 percent to $1.2901.