Stocks retreated from an almost three-month high as Italian and Spanish bonds fell amid concern European leaders will struggle to raise funds to contain the region’s debt crisis. The yen sank from a post-World War II record against the dollar after Japan intervened in the market.
U.S. stocks fell, giving the Standard & Poor’s 500 Index its longest slump in almost a month, amid concern that Europe’s debt crisis is worsening. Equities pared losses in the final 30 minutes of trading.
Hewlett-Packard Co. , which paid the highest multiple on record for a computer company six months ago, now needs to spend as much as double the historical valuation for software takeovers to catch up in cloud computing.
For the first time since the financial crisis started, U.S. shares are moving independently of the bond market, a sign that profits and valuations are guiding investors more than concern about the economy.
U.S. stocks fell, halting a three- day rally, as United Parcel Service Inc. slumped, economic reports missed estimates and uncertainty grew over how much progress European leaders are making in debt-crisis talks.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to a two-year high, as a potential extension of tax cuts boosted shares and American International Group Inc. said it will repay its Federal Reserve credit line.
Most U.S. stocks rose, erasing an earlier slump, as Egyptian President Hosni Mubarak ’s plan to delegate authority to his vice president spurred optimism the nation’s political crisis will not threaten the global economy.
U.S. stocks retreated, snapping a four-day rally for the Standard & Poor’s 500 Index, as euro- region governments braced for credit downgrades by S&P and after JPMorgan Chase & Co.’s profit slumped 23 percent.