U.S. Stocks Drop as Dollar Climbs With Treasuries: Markets Wrap
- S&P 500 reverses gains in afternoon trading for second day
- Slump in industrial metals hits shares of mining companies
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U.S. stocks fell, with an afternoon swoon wiping out early gains for a second straight day, as investors assessed the impact of proposed tax cuts. The dollar rose and industrial metals dropped.
Industrial shares dragged the S&P 500 Index lower, giving it the first three-day slide since August. The tech-heavy Nasdaq 100 Index erased almost all of a rally that had sent it up as much as 1.2 percent as traders weighed the latest developments in efforts to overhaul taxes in the world’s largest economy, including the surprise inclusion of the alternative minimum rate for businesses in the Senate measure. Ten-year Treasury yields slid to 2.35 percent.