U.S.
stocks fell, with the Standard & Poor™s 500 Index headed for the
worst week since January, after disappointing results from JPMorgan
Chase & Co. Treasuries rose and oil hit a five-week high.
The
S&P 500 dropped 0.3 percent at 12:10 p.m. in New York. The Nasdaq
Composite Index lost 0.2 percent as technology shares fluctuated after
the biggest selloff since 2011. The Stoxx Europe 600 Index declined 1.4
percent. The 10-year Treasury yield lost two basis points to 2.63
percent while 30-year yields hit a nine-month low. The dollar snapped
five days of losses as investor risk appetite shrank.
The
S&P 500 has fallen 2 percent this week, after sinking 2.1 percent
yesterday on concern that valuations aren™t justified as earnings start.
JPMorgan, the first major bank to report, fell 3.1 percent after profit
dropped on lower revenue from fixed-income trading and mortgages.
Consumer confidence rose in April to the highest level since July.
China™s producer price index declined 2.3 percent in March, adding to
signs of weak demand after data yesterday showed shrinking trade.
Copy Source : Bloomberg
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