Mixed data on the state of the Chinese economy did little to alter perceptions on the timing and pace for higher interest rates in the U.S., leaving equity investors to focus on company news and deals. The dollar slipped from near a 10-year high and oil tumbled.
The Standard & Poor’s 500 Index capped its fifth decline in six days with the tone set by news on mergers and a selloff in retail shares sparked by Macy’s Inc. The retreat in U.S. stocks came amid gains in most of Asia and in Europe. The dollar had its worst day this month as Turkey’s lira led a rebound in emerging-market currencies. U.S. crude fell toward $43 a barrel, while gold futures extended losses at a three-month low.
