U.S. stocks fluctuated following a two-day rally in the Standard & Poor’s 500 Index, as investors awaited the outcome of a Federal Reserve meeting for signs about when it plans to scale back stimulus measures.
Treasuries declined for the first time in three days as investors weighed whether the U.S. economy was strong enough for the Federal Reserve to reduce bond purchases designed to hold down borrowing costs.
The U.S.’s AA+ credit rating outlook was increased to stable from negative by Standard & Poor’s, based on receding fiscal risks, less than two years after the company stripped the world’s largest economy of its top ranking.
The most relentless surge in borrowing costs for U.S. corporate debt in four years is threatening to derail this year’s record pace of sales as concern deepens the Federal Reserve will curtail unprecedented stimulus.
TiVo Inc. plunged the most in three years after settling a patent dispute with Google Inc.’s Motorola Mobility unit, Cisco Systems Inc. and Time Warner Cable Inc. for $490 million -- less than analysts had estimated.
U.S. stocks gained, sending the Standard & Poor’s 500 Index to the biggest two-day increase since January, and Treasuries fell after a better-than-estimated jobs report signaled the economy continues to expand. The dollar climbed and oil rose.