U.S. stocks fell for a second day amid disappointing earnings reports and data on leading economic indicators and Philadelphia-area manufacturing that trailed estimates. European shares erased earlier gains while gold rose and oil rebounded from a four-month low.
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.
The dollar led gains in world markets last month, beating global measures of bonds, stocks and commodities, as the threat of U.S. budget cuts proved no barrier to investors snapping up American assets.
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.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to an almost two-month high, as investors weighed prospects for a budget deal in Washington. The yen fell to 20-month low as the Liberal Democratic Party returned to power on calls for more monetary easing.
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.