U.S. stocks dropped a fifth day as banks fell on earnings and Apple Inc. led technology shares lower, while crude oil resumed its retreat. The franc soared against currencies globally as Switzerland ended its exchange-rate cap, roiling European markets and fueling gains in gold.
The Standard & Poorâ€™s 500 Index was down 0.9 percent by 4 p.m. in New York, capping a five-day drop of 3.4 percent. Bank of America Corp. fell 5.2 percent on sliding trading revenue, as technology stocks fell the most among 10 S&P 500 groups. The Swiss Market Index slid 8.7 percent, while gauges in Germany and France rose at least 2 percent. The franc surged as much as 41 percent versus the euro to a record high. Ten-year Treasury yields sank 13 basis points as gold futures capped their longest rally in more than six months on demand for haven assets. Copper rebounded while U.S. oil declined 4.6 percent.
Citigroup Inc. and Bank of America joined JPMorgan Chase & Co. in reporting the worst combined quarterly trading revenue since 2011, sending a gauge of S&P 500 banks down 2.6 percent. U.S. wholesale prices fell the most three years and Americans unexpectedly filed more unemployment claims last week, data today showed. The Swiss National Bank scrapped the francâ€™s minimum exchange rate against the euro and deepened negative deposit rates, ending policy designed to shield the economy.