Stocks Decline With Spain, Italy Bonds While Yen Weakens

U.S. stocks slipped after a six-week rally left the Standard & Poor’s 500 Index trading at its most-expensive valuation since July 2011. European shares fell with Spanish and Italian bonds as the region’s finance ministers prepared to meet to discuss aid to Cyprus and Greece.

The S&P 500 lost 0.1 percent to 1,517.01 at 4 p.m. in New York after closing last week at its highest level since November 2007 and a price-to-earnings ratio of almost 15. The Stoxx Europe 600 Index dropped 0.6 percent. Italy’s 10-year bond yield rose seven basis points to 4.62 percent, approaching a two-month high. The yen weakened against all 16 major peers, falling 1.5 percent versus the euro. Copper and soybeans lost more than 1 percent to pace losses in commodities.