U.S. Stocks Retreat, Treasuries Climb on Ukraine, China The Standard & Poor’s 500 Index fell, erasing its gain for the year, while Treasuries and the yen advanced as tension persisted in Ukraine. Copper declined as data from China missed estimates and gold reversed losses. The S&P 500 sank 1.2 percent to 1,846.34 after earlier rising to within four points of a record. The Dow Jones Industrial Average fell 231 points. Yields on 10-year Treasuries slid nine basis points to 2.64 percent by 5:11 p.m. in New York. Russian stocks dropped to the lowest level since May 2010. Copper dropped to near a 44-month low and gold rose 0.1 percent. The yen rallied 0.9 percent to 101.78 per dollar. “Ongoing concerns about China’s growth and the fluid situation in Ukraine continue to linger on markets,” said Ryan Larson, the Chicago-based head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc. “As Kerry meets with his Russian counterpart tomorrow in a last ditch effort to divert the referendum, markets could be a little jittery.” Secretary of State John Kerry warned the U.S. and Europe could take “very serious” steps should there be no sign of resolution between Ukraine and Russia as the Crimea region prepares to vote this [...] newsintx/u-s-stocks-retreat-treasuries-climb-on-ukraine-china/
Posted on: Fri, 14 Mar 2014 04:50:05 +0000