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.
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.
Emerging-market stocks capped the longest rally since March, currencies gained and bond yields retreated, as a rebound in U.S. manufacturing bolstered optimism that global economic growth will pick up.
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 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 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.