U.S. Stock Rally Sputters as Treasuries Fall Amid Data, Earnings
- S&P 500 little changed for a second day on mixed results
- Canadian stocks rise with Trudeau promising more spending
The three-week rally in U.S. stocks sputtered for a second day, and Treasuries fell, as mixed company earnings and robust housing data did little to alter perceptions on the economy’s strength and the timing for higher interest rates.
The Standard & Poor’s 500 Index slipped from a two-month high in choppy trading, ending down 0.1 percent. Yields on 10-year Treasuries climbed to a one-week high, reinforcing bond-market sensitivity to data as Federal Reserve officials give conflicting signals about policy. Four-week bill rates surged with the government to face a debt crunch next month. Canadian stocks rose with the local dollar on speculation a new government will boost fiscal stimulus. Oil slipped to a two-week low before a report on U.S. stockpiles.