U.S.
stocks fluctuated after erasing earlier gains, while Treasures slid
with gold before the Federal Reserve’s decision on interest rates.
European stocks fell amid signs the impasse in Greek aid talks was
deepening.
The
Standard & Poor’s 500 Index dropped 0.1 percent at 12:37 p.m. in
New York, wiping out an earlier 0.4 percent advance. Treasuries fell,
sending 10-year yields 6 basis points higher to 2.37 percent. The Stoxx
Europe 600 Index lost 0.5 percent. Gold futures retreated 0.4 percent.
Oil reversed gains after an inventory report.
Fed
Chair Janet Yellen will conclude a two-day meeting of her board
Wednesday amid speculation mixed U.S. economic data and Greece’s
deadlocked debt negotiations will complicate the central bank’s drive to
raise interest rates. Greece needs to seal a deal before the euro
area’s bailout expires on June 30, or risk missing payments on its debt
of about 313 billion euros ($352 billion).
The
U.S. central bank meets as data continues to show uneven gains in the
economy after a first-quarter slowdown. A report Tuesday indicated
builders began work on fewer houses in May following a surge the prior
month. That followed a disappointing factory report on Monday that
pushed stocks lower.
Source: Bloomberg
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