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U.S. Stocks Drop as Treasuries Rise, Crude Rallies: Markets Wrap

  • Retailers slump on Macy’s results as bonds, gold advance
  • Crude sustains momentum in wake of U.S. stockpile data
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U.S. stocks fell from records, though losses eased in afternoon trading as crude’s rally took the price of a barrel back above $48 in New York. Treasuries rose with gold as tepid earnings raised new doubts about the strength of the American consumer.

The S&P 500 Index pared the worst of its declines by more than half as health-care and consumer-staples producers rebounded. Retailers remained under pressure as disappointing results from Macy’s Inc. and Kohl’s Corp. added to concerns that the U.S. consumer continues to hold back on spending. Canadian equities fell after Moody’s Investors Service cut ratings on six of the nation’s largest banks amid housing woes. The dollar was little changed, while Treasury yields slipped below 2.40 percent on 10-year notes. Oil rose past $48 a barrel.