Dollar Rises, Bonds Drop Amid Fed; U.S. Stocks Decline The dollar strengthened to a seven-year high against the yen and Treasuries fell as investors speculated Federal Reserve minutes will indicate policy makers are optimistic about economic growth. U.S. stocks fell from all-time highs as phone and technology shares sank. The greenback appreciated 0.7 percent to 117.68 yen at 10:13 a.m. in New York, as the Bloomberg Dollar Spot Index approached a five-year high. The 10-year Treasury yield increased three four basis points to 2.34 percent. The Standard & Poor’s 500 Index slipped 0.4 percent after the gauge closed at a record. The Stoxx Europe 600 Index slipped 0.1 percent. Iron ore tumbled to the lowest level in more than five years, while Brent crude rose the most in three days. Investors will scrutinize minutes from the Fed’s October meeting, when it ended monthly bond purchases, for clues on whether policy makers see strong enough growth to raise interest rates some time next year. Officials cited an improving job market at their October meeting, while maintaining a pledge to hold rates low for a “considerable time.” Data today showed housing starts fell 2.8 percent in October, while residential-construction permits climbed to a six-year high. “Expectations are for the Fed to [...] ilinnews/dollar-rises-bonds-drop-amid-fed-u-s-stocks-decline/
Posted on: Wed, 19 Nov 2014 17:31:18 +0000
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