U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.
The Standard & Poor’s 500 Index fell, after trimming steeper declines, as speculation European leaders will announce new steps to tame the debt crisis tempered concern the economic recovery is slowing.
Fabrice Tourre, the Goldman Sachs Group Inc. executive director who predicted in 2007 he would be “standing in the middle” as subprime securities collapsed, will be the center of attention on Wall Street today.
Hewlett-Packard Co., the largest personal-computer maker, forecast fiscal second-quarter profit that exceeded analysts’ estimates, helped by cost-cutting measures and recovering demand for enterprise services.
Hewlett-Packard Co., the largest personal-computer maker, forecast fiscal second-quarter profit that exceeded analysts’ estimates, helped by cost-cutting measures and a smaller-than-projected drop in service sales.
U.S. stocks swung between gains and losses as the Standard & Poor’s 500 Index headed for its third straight weekly gain amid improving corporate earnings, which helped offset uncertainty about global currency markets.