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Dollar Gains, Stocks Fall as Fischer Adds to Fedspeak; Oil Sinks

  • Energy companies lead losses in S&P 500; drugmakers advance
  • Treasuries climb as commodity slide spurs search for haven
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Davies: Need a Clear, Coherent Message From Yellen

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Traders pushed up the dollar, while sending stocks and commodities down as comments from a Federal Reserve official bolstered speculation that U.S. borrowing costs will rise this year.

Most major currencies fell against the greenback after Fed Vice Chairman Stanley Fischer said the world’s largest economy is close to meeting the central bank’s goals and that growth will pick up. While he gave no indication on the timing of a rate hike, his remarks echoed signals from officials last week indicating the market is underestimating the likelihood of tightening. The Fedspeak initially sent Treasuries slumping, a move that didn’t last long as a slide in commodities drove investors into haven assets. Energy shares dragged down the S&P 500 Index after oil halted its longest gain in four years.