Bloomberg (12/12) -- U.S. stocks fell
for third day, sending the Standard & Poor’s 500 Index to the lowest
in a month, Treasuries declined and the dollar gained as growth in
retail sales added to speculation the Federal Reserve will slow the pace
of stimulus. Gold and silver tumbled.
 The Standard & Poor’s 500 Index lost 0.4 percent to 1,775.50 at 4 p.m. in New York after sliding 1.1 percent yesterday. Treasury 10-year yields added almost three basis points to 2.88 percent. The Bloomberg U.S. Dollar Index, a gauge of the currency against 10 counterparts, climbed 0.4 percent. The Stoxx Europe 600 Index declined 1 percent to the lowest since October and the MSCI Asia Pacific Index slid 1.2 percent. Gold lost more than 2 percent and silver sank more than 4 percent. More economists predict the Fed will taper bond buying as soon as next week and data today showed U.S. retail sales increased more than estimated. The world economy is primed for its fastest expansion in four years, with the U.S. propelling the improvement in output. “We’ve had a lot of pretty good economic news lately and in the face of that data we’re seeing the market starting to digest the exuberance it has had in 2013,” Randy Bateman, who oversees $15 billion as chief investment officer of Huntington Asset Advisors in Columbus, Ohio, said by phone. “A lot of it might be in anticipation of the FOMC announcement next week and whether this good economic news is enough for the Fed to start its tapering process.” |
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