Stocks declined amid corporate earnings that disappointed investors and growing concern the Federal Reserve may reduce its bond purchases, while oil capped the biggest four-day slide in nine months. The pound gained after the Bank of England raised its growth forecast.
The MSCI All-Country Index lost 0.6 percent to 374.59 and the Standard & Poor’s 500 Index slipped 0.4 percent at 4 p.m. in New York, extending its three-day drop to 1.1 percent. Japan’s currency gained 1.3 percent to 96.44 per dollar and the pound climbed to a six-week high versus the dollar. The yield on 10-year Treasury notes decreased 4.5 basis points to 2.60 percent. Oil extended its four-day retreat to 3.3 percent, while gold rebounded following its longest slump in 11 weeks.
