The Standard & Poor’s 500 Index posted its second weekly drop of the year as Cyprus struggled to stave off financial collapse and data on the euro-area economy overshadowed better-than-estimated U.S. reports.
U.S. shares fell, following yesterday’s worst drop in a month, as financial and technology shares led losses. Emerging-market stocks climbed to a two-month high as Brazilian equities surged. Oil rose while gold slipped.
Emerging-market stocks declined, capping the biggest weekly slide since November, amid concern tension between Russia and Ukraine will escalate. Brazil’s Ibovespa slumped into a bear market as homebuilders retreated.
The Standard & Poor’s 500 Index rose in a three-day trading week, as the market reopened after Hurricane Sandy caused the longest weather-related shutdown since 1888, and American voters prepared to choose a president.
Emerging-market stocks advanced to a three-month high after President Barack Obama delayed a decision on military action against Syria. Apple Inc.’s Asian suppliers paced declines among technology companies.
U.S. stocks fell for a third day and commodities dropped as European leaders clashed on ways to stem the debt crisis and reports from China and Germany signaled the slowdown is deepening. Treasuries rose and the euro slid.