Stock Market:
U.S. stocks fell, trimming the biggest back-to-back quarterly rally for the Standard & Poor’s 500 Index since 1975, as an unexpected drop in business activity spurred concern the economy is struggling to recover.
Asian shares mirrored the decline on concern the region’s economic recovery may falter. The MSCI Asia Pacific Index lost 1.1% to 116.72 in Tokyo.
The S&P 500 lost 0.3% to 1,057.08. The benchmark gauge of U.S. stocks climbed for a seventh straight month in September, its longest streak in almost three years. The Dow average slipped 29.92 points, 0.3%, to 9,712.28.
The S&P 500 jumped almost 15% in the July-September period to give it a two-quarter advance of 34%, the biggest since a 42% rally in the first half of 1975. The Dow also rose 15% over the past 3-months and gained 29% since the end of March, its steepest two-quarter advance since 1986.
The seven-month rally has pushed the S&P 500 up 56% from a 12-year low in March and sent its price-to-earnings valuations this month to the highest levels since 2004.
U.S. stocks fell, trimming the biggest back-to-back quarterly rally for the Standard & Poor’s 500 Index since 1975, as an unexpected drop in business activity spurred concern the economy is struggling to recover.
Asian shares mirrored the decline on concern the region’s economic recovery may falter. The MSCI Asia Pacific Index lost 1.1% to 116.72 in Tokyo.
The S&P 500 lost 0.3% to 1,057.08. The benchmark gauge of U.S. stocks climbed for a seventh straight month in September, its longest streak in almost three years. The Dow average slipped 29.92 points, 0.3%, to 9,712.28.
The S&P 500 jumped almost 15% in the July-September period to give it a two-quarter advance of 34%, the biggest since a 42% rally in the first half of 1975. The Dow also rose 15% over the past 3-months and gained 29% since the end of March, its steepest two-quarter advance since 1986.
The seven-month rally has pushed the S&P 500 up 56% from a 12-year low in March and sent its price-to-earnings valuations this month to the highest levels since 2004.
Gold:
Gold prices posted the biggest gains in almost four weeks as the dollar slid, sparking demand for the metals as alternative investments.
“The bounce today is all about how the dollar got clobbered,” said Matt Zeman, a trader at LaSalle Futures Group in Chicago. “Gold would clearly need resumption in dollar
weakness in order to go much higher.”
Gold futures for December delivery climbed $14.90, or 1.5%, to $1,009.30 an ounce on the Comex division of NYSE.
Oil:
Oil fell as traders booked profits from yesterday’s rally. Oil slipped below $70 a barrel after an unexpected drop in U.S. business activity. Crude oil for November delivery fell as much as 72 cents, or 1%, to $69.89 a barrel.
Brent crude oil for November settlement fell as much as 64 cents, or 0.9 percent, to $68.43 a barrel on the London-based ICE Futures Europe exchange.
“The poor economic news suggests oil should not go too much higher in price because the U.S. economy is not improving as quickly as hoped,” Mike Sander, an investment adviser at Sander Capital in Seattle.
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