U.S. stocks fell a third day amid concern an improving economy will cause the Federal Reserve to reduce monetary stimulus, while 10-year Treasuries advanced as the central bank bought debt. The pound climbed to near a two- year high against the dollar and crude oil surged.
The Standard & Poor’s 500 Index capped its first three-day slump since September and Treasuries slid as the Federal Reserve indicated it may reduce monetary stimulus in coming months as the U.S. economy improves. Gold and silver extended losses while the dollar strengthened.
Emerging-market stocks fell for the first time in four days after the Organization for Economic Cooperation and Development cut its global outlook. Turkey’s lira climbed as the central bank tightened access to credit.
Emerging-market stocks fell for a ninth day, capping the longest slide since 2006, as Petroleo Brasileiro SA joined a slump in energy producers. India’s rupee sank to an eight-week low to lead declines in currencies.
U.S. stocks fell, dragging the Standard & Poor’s 500 Index to its biggest loss in two months, as speculation the Federal Reserve may scale back stimulus amid faster-than-estimated economic growth overshadowed a move by the European Central Bank to cut a key interest rate.
U.S. stocks fell, after the Standard & Poor’s 500 Index rose to a third straight record, as investors assessed economic data and earnings before the Federal Reserve’s decision on whether to cut monetary stimulus.
Emerging-market economies face inflation risk as policymakers around the globe cut interest rates to stimulate growth, said Quincy Krosby, chief market strategist at Prudential Financial Inc.’s annuities business.