Stocks Fall on Manufacturing Data as Yen Climbs
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U.S. stocks fell, sending the Standard & Poor’s 500 Index lower after a record high, as data showed American manufacturing slid in March. The yen rose to a three-week high, while commodities tumbled after economic reports from Japan, China and South Korea missed estimates.
The Standard & Poor’s 500 Index dropped 0.5 percent to 1,562.17 at 4 p.m. in New York. The yen appreciated 0.9 percent against the dollar after declining for a sixth month in March, the longest losing streak in 12 years. The S&P GSCI Index of 24 commodities fell 0.3 percent, with silver and corn both sliding into a bear market. Crude oil snapped a five-day rally while gold rose. Most European markets were closed for a holiday.