Economics
Stocks Mixed; Bonds Edge Lower After Fed Minutes: Markets Wrap
- Oil drops after U.S. stockpiles swell; gold turns lower
- Dollar advances most in two weeks, while yen declines
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Most U.S. stocks fell as a mixed bag of earnings and concerns over rising rates weighed on investor confidence. Treasuries declined and the dollar gained as Fed minutes appeared to lean toward the chance of more hikes in the future.
The S&P 500 edged lower, failing to add to the biggest rally since March. Gains by banking giants Goldman Sachs and Morgan Stanley couldn’t counter concerns about China that hit Technology stocks, as well as worries about the Fed’s path that seeped into rates-sensitive shares. IBM’s disappointing results dragged on the Dow Jones Industrial Average, while Netflix’s surge and a gain in biotech shares lifted the Nasdaq 100.