U.S.
stocks fell a second day, while the dollar rallied as investors
assessed jobs and services data for clues on the timing of higher
interest rates. The euro weakened to an 11-year low and metals sank.
The
Standard & Poor’s 500 Index dropped 0.4 percent at 12:30 p.m. in
New York after closing Monday at a record. The Stoxx Europe 600 Index
halted a two-day slide, while Europe’s shared currency slid to as low as
$1.1098, the weakest since September 2003. The yield on 10-year
Treasury notes rose one basis point to 2.13 percent. The Bloomberg
Dollar Spot Index jumped 0.4 percent. Crude slid after supplies gained
more than estimates.
About
four stocks retreated for every one that rose in the S&P 500 as
nine of the index’s 10 main groups fell. Companies added fewer workers
to payrolls in February, according to the ADP Research Institute data
showed before Friday’s government jobs report. Service industries
unexpectedly expanded at a faster pace in February. The euro extended
its drop before a European Central Bank policy meeting on Thursday.
Source : Bloomberg
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