Pursuits
U.S. Stocks Drop as Retailers Slump; Yen Falls on Stimulus Bets
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U.S. stocks fell for a third day as lawmakers prepared to resume budget talks and retailers slumped after the Christmas holiday. The Japanese yen weakened to the lowest level since September 2010 amid speculation the new government will act to bolster the economy.
The Standard & Poor’s 500 Index fell 0.5 percent to 1,419.87 as of 4 p.m. in New York. The yen retreated 1 percent to 85.63 per dollar, declining against all of its 16 major counterparts. Oil jumped 2.7 percent to a two-month high after a report that the United Arab Emirates arrested terrorists planning on carrying out attacks in the region. The S&P GSCI Index of 24 raw materials increased 1.3 percent and copper climbed 1.5 percent.