Most U.S. Stocks Drop While Dollar Rises With Treasuries
Stocks: Why The Great Rotation Hasn’t Happened Yet
U.S. stocks dropped while the dollar strengthened as data on consumer prices showed signs inflation is perking up. Treasuries advanced after the sale of two-year notes was characterized as good by firms obligated to bid.
The Standard & Poor’s 500 Index lost 0.6 percent to 2,091.50 by 4 p.m. in New York, its 25th day without consecutive gains, the longest stretch since 2001. The Nasdaq Composite Index erased an early advance to finish down 0.3 percent, while the Stoxx Europe 600 Index climbed 0.3 percent. The Bloomberg Dollar Spot Index rallied 0.2 percent as yields on 10-year Treasuries fell four basis points to 1.87 percent. U.S. crude settled at $47.51 a barrel. Gold rose to a two-week high while copper futures capped a fourth day of gains.