Stocks Slip Before Earnings as Dollar Weakens, Yen Gains
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Stocks slipped before the start of earnings season, pulling the Standard & Poor’s 500 Index down from a five-year high, and the Dollar Index fell for the first time in four days. European banks rose as regulators eased liquidity rules while Italian bonds slid.
The S&P 500 dropped 0.3 percent to 1,461.89 at 4 p.m. in New York and the Stoxx Europe 600 Index, which last week reached its highest level since February 2011, closed 0.4 percent lower. BNP Paribas SA and Barclays Plc paced bank gains in Europe. The yen advanced against 14 of 16 major peers, adding 0.4 percent versus the U.S. currency, while the Dollar Index retreated 0.3 percent from the highest level since November. Treasuries were little changed while commodities rose.