Treasuries rose and the Standard & Poor's 500 Index retreated after touching an intraday record Monday on signs U.S. consumer confidence is flagging. The yen gained amid concern a weaker Chinese yuan will hurt growth while natural gas led commodities lower. Yields on 10-year Treasuries dropped four basis points to 2.70 percent by
"Data of late have been on the weaker end of expectations," said
Ten-year Treasury yields fell as the disappointing U.S. data fueled demand for the safety of government debt. An auction of
The S&P/Case-Shiller index of property values in 20 U.S. cities rose 13.4 percent in December from
The consumer confidence gauge fell to 78.1 in February from 79.4 the prior month. The median forecast in a survey of economists called for a reading of 80. The Richmond Federal Reserve's manufacturing survey slipped to minus 6 this month. Economists called for a reading of 80.
The S&P 500 rose as much as 1.2 percent Monday to a record 1,858.71 before ending the session up 0.6 percent at 1,847.61, below a record close of 1,848.38 set
"The big thing on everybody's mind is that all-time high" in the S&P 500,
Monday, 68 percent of S&P 500 member companies traded above their average price over the past 50 days, according to data compiled by
Financial, industrial and technology companies led declines in seven of the 10 main industry groups in the S&P 500 Tuesday.
The Stoxx Europe 600 Index gained 0.1 percent to a six-year high, recovering from an earlier 0.5 percent drop.
The Hang Seng China Enterprises Index fell 0.6 percent. The weaker yuan boosts the cost of overseas borrowing by Chinese companies at the same time as lenders face pressure to curb some riskier forms of funding at home. The yuan slipped to 6.1266 per dollar in
The People's Bank of
"There are increasing financial risks out of
The hryvnia slid 6 percent to 9.73 per dollar, extending its slump this year to 18 percent. Yields on the nation's
The yen strengthened 0.3 percent to 102.19 per dollar and climbed 0.3 percent to 140.43 per euro. Gold -- which, like the yen, is regarded by some investors as a safe haven -- gained a third day, adding 0.3 percent to
The drop in U.S. natural gas futures capped the biggest two-day drop in more than seven years, amid speculation warmer weather will cut demand for the heating fuel. Forecasters including
West Texas Intermediate crude oil declined 1 percent, the most in three weeks, to
Copper futures fell 0.4 percent, dropping for a fifth straight day.
--With assistance from
Treasuries rose and the Standard & Poor's 500 Index retreated after touching an intraday record Monday on signs U.S. consumer confidence is flagging. The yen gained amid concern a weaker Chinese yuan will hurt growth while natural gas led commodities lower.
Yields on 10-year Treasuries dropped four basis points to 2.70 percent by