U.S. Stocks Erase Gains; Dollar, Treasuries Reverse Drop on Economic Data
By
Michael P. Regan
-
U.S. stocks erased early gains,
while the dollar and Treasuries reversed declines, as reports
showed American consumer confidence trailed estimates and
business activity cooled in January.
Thomas M. Kay of Morgan Securities LLC works on the floor of the New York Stock Exchange. Photographer: Jin Lee/Bloomberg
The Standard & Poor’s 500 Index fell less than 0.1 percent to 1,312.58 at 10:09 a.m. in New York after climbing as much as 0.6 percent earlier. The Dollar Index (DXY) was little changed at 79.148 after tumbling as much as 0.5 percent. The euro slipped 0.2 percent to $1.3116, reversing a 0.5 percent increase. Ten- year Treasury yields lost one basis point to 1.83 percent.
Confidence among U.S. consumers unexpectedly dropped in January as gasoline prices picked up and more Americans said jobs were hard to get. The Conference Board’s confidence index fell to 61.1 from a revised 64.8 reading in the prior month. The median forecast of economists surveyed by Bloomberg News called for a rise to 68. The figure was lower than the most pessimistic projection.
The Institute for Supply Management-Chicago Inc. said today its business barometer declined to 60.2 from 62.2 in December. Readings above 50 signal growth. Economists forecast the gauge would rise to 63, according to the median of 57 estimates in a Bloomberg survey.
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