U.S. Stocks Hold Losses, Treasuries Advance as Euro Pares Slide

 

 

U.S. stocks remained lower, while the euro pared losses versus the dollar amid data showing the American economy is struggling to regain momentum. European equities tumbled with Spanish bonds as Greece remains at an impasse with its creditors.

 

The Standard & Poor’s 500 Index slid 0.4 percent at 12:35 p.m. in New York, after earlier losing 1 percent. The Stoxx Europe 600 Index fell 1.6 percent, while the euro was little changed at $ 1.1269. Spain’s 10-year bond yield jumped 16 basis points. Rates on similar-maturity German bunds and Treasury notes fell as investors sought haven assets. Oil slipped 0.6 percent and copper fell 1.4 percent.

 

After months of negotiations that have left the two sides no closer to a resolution, Greece’s ability to avert default may come down to a June 18 meeting of euro-area finance ministers. The Federal Reserve starts a two-day policy meeting Tuesday. U.S. economic reports from hiring to spending have shown gains after a first-quarter slump, though data Monday indicated factory production unexpectedly declined in May.

 

Source: Bloomberg

 

 

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