U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest two-day loss since June, as concern grew that a deadlock among U.S. lawmakers over the debt limit could lead to a government default.
Risk appetites in American capital markets diminished amid the U.S. budget impasse, pushing Treasury one-month bill rates to the highest since 2008 and Internet stocks to the biggest losses in two years.
Joe Torre and Bernie Williams, the manager and center fielder on four World Series championship teams for the New York Yankees before leaving the club under strained circumstances, will take part in their first Old- Timers’ Day at Yankee Stadium this month.
The euro weakened to its lowest level this year, while stocks and commodities slipped, as an unprecedented levy on Cyprus’s bank savings renewed concern about Europe’s debt crisis. German two-year note yields dropped below zero and rates on U.S. Treasuries fell as gold rose.
U.S. stocks fell for a second straight week, driving the Dow Jones Industrial Average to the biggest loss of 2012, as political tension in Greece heightened concern about Europe’s debt crisis and JPMorgan Chase & Co.’s $2 billion trading loss weighed on shares of banks.
J.C. Penney Co.’s creditworthiness is back where it was three years ago in the eyes of derivatives traders as Chief Executive Officer Ron Johnson struggles to revive the fourth-largest U.S. department store chain.