U.S. Stocks Mixed as Dollar Gains Before Jobs Data; Copper Sinks
- Market implied odds of Fed rate increase in 2015 at 56%
- S&P 500 rally stalls near 3-month high; Valeant resumes rout
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U.S. equities meandered near a three-month high as Janet Yellen’s hawkish commentary on the American economy set the tone in global financial markets, reinvigorating the specter of a 2015 interest-rate hike to boost the dollar, while sinking bonds.
The Standard & Poor’s 500 Index swung between gains and losses Thursday to eventually close down 0.1 percent, as investors awaited Friday’s payrolls report, which is expected to provide clues as to the Federal Reserve’s next move. Embattled drugmaker Valeant Pharmaceutical International Inc. weighed on health-care shares.