Stocks Slide as Oil Tumbles, Dollar Strengthens: Markets Wrap
- Dow average falls to two-month low as IBM sales miss
- Crude slides toward $50 a barrel, commodity currencies drop
London & Capital's Shah Sees Good Recovery in Europe
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U.S. stocks retreated as a plunge in the price of crude offset gains sparked by corporate results. The dollar strengthened and Treasuries fell as demand for havens sparked by geopolitical concerns faded.
IBM Corp. slid the most since June after sales missed estimates, dragging the Dow Jones Industrial Average to its lowest close in two months. The S&P 500 Index turned lower after crude fell toward $50 a barrel in New York amid data showing a rise gasoline supplies. The 10-year Treasury yield moved above 2.20 percent, while the dollar jumped the most in six weeks. Mexico’s peso slumped.