Stocks Fall; Treasury Yields Hit Eight-Week High: Markets Wrap

Treasury yields climb after $26 billion 30-year bond auction
Gold resumes push higher after wild swings; crude oil declines

Mark Andersen, co-head of global asset allocation at UBS, discusses equity valuations, the U.S. economy and gold prices in an interview on “Bloomberg Surveillance.”Source: Bloomberg

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By Vildana Hajric and Claire Ballentine

August 12, 2020 at 9:43 PM UTC

Updated on

August 13, 2020 at 8:02 PM UTC

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U.S. equities pulled back from the cusp of record highs as investors mulled the stalemate in stimulus negotiations and signs of an economic recovery. Treasury yields rose a fifth day and crude oil declined.

The S&P 500 fell 0.2% a day after surpassing the all-time closing high reached before the coronavirus pandemic. Energy, real estate and industrial sectors led the drop. Apple Inc. kept the Nasdaq Composite Index in positive territory, while Cisco Systems Inc. weighed on the Dow Jones Industrial Average. Trading volume was about 20% below the 30-day average. Adding to the uncertain outlook was a report showing that weekly jobless claims dropped below 1 million for the first time since March.