Stocks Drop Amid Budget Deadlock; Treasuries, Gold Fall
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U.S. stocks fell, halting a six-day rally in the Standard & Poor’s 500 Index, as the standoff in federal budget negotiations overshadowed a drop in jobless claims and growth in retail sales. Treasuries declined while precious metals led losses in commodities.
The S&P 500 lost 0.6 percent to 1,419.45 at 4 p.m. in New York, ending its longest rally since August, and Europe’s regional benchmark stock index retreated from an 18-month high. Ten-year Treasury yields rose for a third day, adding three basis points to 1.73 percent. Gold lost 1.2 percent and silver slid 4.2 percent as the Dollar Index halted a three-day slump, with the U.S. currency stronger against 12 of 16 major peers.