Stocks Snap Three-Day Rally; Crude Oil Jumps: Markets Wrap
- Dollars gains versus most major peers; bond yields are steady
- Market on high alert to hints on taper timetable from Fed
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U.S. stocks dropped from all-time highs as investors mulled the consequences of a drop in retail sales and an uptick in producer prices while the Federal Reserve holds a two-day policy meeting. Crude oil traded at the highest level since 2018.
The real estate and technology sectors weighed on the benchmark S&P 500 index, which snapped a three-session winning streak. Exxon Mobil and Chevron lifted the energy sector with oil rallying. The Treasury 10-year note yield lingered near 1.5% for most of the day after Commerce Department figures showed retail sales declined in May.