U.S. Stocks Drop Most Since October, Dollar Gains: Markets Wrap
- Dow falters in bid for 20,000 in light holiday trading volume
- Dollar strengthens to highest level in more than a decade
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U.S. stocks fell the most since mid-October in light holiday trading, with the Dow Jones Industrial Average failing anew in its quest for 20,000. The dollar traded at its strongest level in more than a decade and oil closed at a 17-month high.
The blue-chip equity index climbed within 30 points of the round-number milestone before retreating below 19,900 in trading 33 percent below the 30-day average. The S&P 500 Index suffered its worst loss since Oct. 11 as data showed higher mortgage rates led to a drop in pending home sales. Crude capped its longest rally in seven years and is at the highest since July 2015. Demand from indirect bidders for five year Treasury notes reached a record in Tuesday’s auction of $34 billion.