Stocks Retreat With Treasuries as Dollar Advances: Markets Wrap
- Financial shares pace losses, airlines retreat on Delta
- Gold pares gain, while crude slips to lead commodities lower
Making the Case for Only Two Fed Rate Hikes
U.S. stocks slipped with Treasuries, while the dollar advanced as caution rippled through markets after Federal Reserve Chair Janet Yellen all but assured investors that interest rates will rise next week.
The S&P 500 Index retreated in trading that was 12 percent below the 30-day average. JPMorgan Chase & Co. warned that hawkish Fed rhetoric has increased the likelihood for a short-term pullback after stocks reached records last week. The dollar rose as a surge in corporate bond issuance pushed up Treasury yields. Deutsche Bank AG pulled down European shares after announcing plans to raise capital. Metals slumped on Chinese growth prospects and the French presidential race continued to roil the euro.