U.S. Stocks Drop, Brazil Shares Sink; Oil Gains on Egypt
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U.S. stocks fell, with the Standard & Poor’s 500 Index erasing gains after failing to hold above its average level from the past 50 days, while Brazil’s shares sank on concern the economy may shrink. Oil rallied and the yen slid.
The S&P 500 fell 0.1 percent to 1,614.08 at 4 p.m. in New York after climbing as much as 0.6 percent in morning trading. Brazil’s Ibovespa sank 4.2 percent, the most since September 2011, as Nomura Holdings Inc. said the economy may slip into recession. The 10-year Treasury yield was little changed at 2.47 percent. The yen depreciated 1 percent to 100.66 per dollar. Oil jumped to a 14-month high, approaching $100 a barrel, on concern unrest in Egypt will threaten supplies.