The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
U.S. stocks fell, paring a weekly gain for the Standard & Poor’s 500 Index, after better-than- forecast payrolls failed to keep commodity and technology shares from slumping as Americans prepared to pick a president.
Nasdaq Stock Market canceled some trades in nine U.S. stocks, such as Goldman Sachs Group Inc., Hewlett-Packard Co. and Sprint Nextel Corp., that occurred more than 10 percent away from yesterday’s close.
Warren Buffett’s proposal to take over NYSE Euronext, while rejected in favor of a higher offer last year, is boosting optimism that the world-famous stock picker sees a rebound in trading from a four-year low.