U.S.
stocks halted a two-day rally as renewed declines in the price of crude
set the tone on global financial markets, dragging down currencies of
resource exporters and stoking demand for havens from gold to
Treasuries.
The Standard &
Poor’s 500 Index followed European shares lower after American crude’s
slide approached 5 percent, undoing part of a 21 percent surge in oil to
end last week. Emerging-market shares headed for the biggest two-day
gain since August on bets that central banks will step up stimulus.
Yields on 10-year Treasury notes fell three basis points 2.02 percent.
The Russian ruble slid against all of its 31 major counterparts, while
gold futures jumped 1 percent.
The S&P 500 fell
0.6 percent at 12:30 p.m. in New York, after a 2 percent rally on
Friday. Equities are on track for their worst January since 2009 amid
worries that China’s slowdown will weigh on global growth, with plunging
oil prices exacerbating those concerns. The S&P 500 sank to a
21-month low last week before rallying.
Halliburton Co.
declined Monday after posting a quarterly loss, and Exxon Mobil Corp.
slide following crude’s biggest two-day rally in more than seven years.
McDonald’s Corp. gained after the fast-food giant’s earnings beat
analysts’ forecasts. Tyco International Plc surged 8.6 percent after
Johnson Controls Inc. agreed to merge with the company.
Source : Bloomberg
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