Pursuits
October Stock Rally Stalls as Fed Outlook Sinks Copper to Bonds
- Shares trim best month since 2011 as December hike odds rise
- Wednesday's surge ``was a little bit overdone'' - Wedbush
Fed Revives Forward Guidance With 'Next Meeting'
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Mounting speculation U.S. interest rates will be raised this year rippled across financial markets Thursday, stymieing the biggest monthly equity rally since 2011 as the strongest dollar in two months dented commodities and took down developing-nation assets.
The Standard & Poor’s 500 Index retreated from a two-month high, paring an October advance that’s added more than $1.5 trillion to U.S. equity values. Emerging-market stocks capped their steepest drop of the month, while raw materials from copper to gold sank. Treasuries resumed losses, sending yields on 10-year notes to 2.17 percent. The dollar traded near its strongest level since August as commodity-linked currencies fell.