U.S. stocks fell after disappointing forecasts from Best Buy Co. and Campbell Soup Co. while investors awaited a speech from Federal Reserve Chairman Ben S. Bernanke to gauge the prospect of continued stimulus.
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.
Stocks fell, with Europe’s benchmark index slipping from a five-year high and the Standard & Poor’s 500 Index dropping a second day, as investors weighed rising valuations and disappointing earnings forecasts. Treasuries retreated while natural gas led commodity losses.
Indonesia’s rupiah forwards rose by the most in three weeks and bonds gained after a Federal Reserve official signaled monetary stimulus that’s fueled demand for emerging-market assets will likely be maintained.
Gold and silver sank with oil, while the dollar weakened against most peers and Treasuries rose as investors dissected speeches from Federal Reserve officials to gauge the outlook for stimulus. Most U.S. stocks fell after the Dow Jones Industrial Average exceeded 16,000 for the first time.
The dollar retreated from a three- week high versus the yen after encountering so-called technical resistance and as the short-term debt deal passed by U.S. Congress failed to end political uncertainty.