Most U.S. stocks fell amid disappointing earnings that have rattled technology shares, while the dollar weakened and gold climbed after data showed the American economy expanding at a slower-than-expected pace.
Bonds
Oil Rose After an Unexpected Drop in Inventories
Gold Silver Reports – U.S. stocks tumbled following their biggest gain in two months, as disappointing results from Walt Disney Co. to Macy’s Inc. raised doubts about the strength of the American consumer. Oil rose after an unexpected drop in inventories, while the dollar fell.
The S&P 500 Index retreated for the first time in four days, while the Dow Jones Industrial Average erased all but five points of its Tuesday advance. Retailers led declines as Disney sank the most since January and Macy’s led a selloff in apparel shares. Energy producers rallied as U.S. oil surged past $46 a barrel. Industrial metals also climbed as Glencore Plc forecast demand will exceed supply. Brazilian shares fell, while the real climbed as the Senate geared up for a vote that could oust the president.
Gold Fields Buy $200 Million of Bonds
Gold Silver Reports → Gold Fields Ltd., a South Africa-based miner of the precious metal, offered to buy back $200 million of bonds for 17 percent less than their original value.
India Rupee, Bonds Drop on Concern Global Funds to Cut Holdings
Gold Silver Reports → Reserve Bank of India Governor Raghuram Rajan is rebuilding the country’s foreign reserves as he sees an unavoidable slide in the rupee until the war on inflation is won.