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S&P 500 extends longest slump of year as euro weakens on Cyprus

By Stephen Kirkland, Sarah Pringle and Lu Wang, Bloomberg

March 19, 2013 • Reprints

Most U.S. stocks fell for a third day, the longest slump of the year for the Standard & Poor’s 500 Index, as Cyprus rejected a bank-deposit levy needed to secure European bailout funds. Treasuries rallied and the euro traded at a four-month low versus the dollar.

The S&P 500, which climbed to within two points of its 2007 record last week, lost 0.2% as of 4 p.m. in New York as almost three U.S. stocks fell for every two that rose. Ten-year Treasury yields slid five basis points to 1.91% and Europe’s 17-nation common currency weakened as much as 0.9% to $1.2844, the least since November. Indian stocks sank the most this month as the government’s biggest ally pulled out of the ruling coalition. Oil and gasoline slumped more than 1% to lead commodities lower.

Equities briefly pared losses after the European Central Bank said it will provide liquidity to Cyprus within existing rules. Cyprus President Nicos Anastasiades failed to secure Parliament’s support for imposing losses on depositors, a key demand of European officials in return for rescue funds. Concern about the Mediterranean island nation overshadowed growth in new U.S. home construction and a surge in building permits to the highest level in almost five years.

“Obviously the situation in Europe is not what we want it to be,” John Manley, who helps oversee about $223.6 billion as chief equity strategist for Wells Fargo Advantage Funds in New York, said in a phone interview. “The next couple weeks will be more periods of chopping around. I don’t think it’s more than 2% to 4% in terms of risk on the market,” he said. “The housing market does seem to be on a bit more steady ground and that helps U.S. consumer.”

Near Record

The S&P 500 has declined about 1% in three sessions after climbing to within two points of a record last week. Caterpillar Inc., Alcoa Inc. and American Express Co. were among the biggest declines in the Dow Jones Industrial Average, while Coca-Cola Co. and Hewlett-Packard Co. led gains. Commodity, consumer and financial shares led losses among the 10 main groups in the S&P 500.

Cliffs Natural Resources Inc. tumbled after Goldman Sachs Group Inc. reduced its forecast for iron-ore prices. AmerisourceBergen Corp. surged and Walgreen Co. jumped after agreeing to a partnership. Electronic Arts Inc. slid after the second-largest U.S. maker of video games said John Riccitiello is stepping down as chief executive officer. Lululemon Athletica Inc. tumbled after lowering its sales forecast because of a pants shortage following shipments of yoga slacks that were too sheer to wear.

An S&P index of homebuilders advanced, with KB Home and Toll Brothers Inc. pacing gains. Builders broke ground on 917,000 homes at an annual rate, up 0.8% from a revised 910,000 pace in January that was higher than initially estimated, the Commerce Department reported today. Building permits, a proxy for future construction, advanced 4.6% to 946,000, the strongest since June 2008.

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Related Terms
US Federal Reserve 8527bank 6455Bloomberg 5254crude oil 3328European Central Bank 3208metal 3075financials 2975European Union 2864Euro 2649S&P 500 2460stocks 2123Standard & Poor 2008equities 1689Bank of Japan 1119Goldman Sachs Group Inc. 864Stock indexes 843Department of Commerce 838Federal Open Market Committee 773Ben S. Bernanke 751banking 475europe 463federal government 370Angela Merkel 333Societe Generale SA 224Alcoa Inc. 151bank deposits 125Caterpillar Inc. 115Cyprus 106Rio Tinto Group 101Hewlett-Packard Co. 57UniCredit SpA 45Cliffs Natural Resources Inc. 42Vale SA 42Toll Brothers Inc. 41Olli Rehn 41Coca-Cola Co. 38American Express Co. 35Connor 28KB Home 27iron-ore producer 26Banco Santander SA 24bank presidents 21Bank of Greece 19Nicos Anastasiades 17ThyssenKrupp AG 16Gasoline 14Electronic Arts Inc. 13Walgreen Co. 13John Manley 12Wells Fargo Advantage Funds 11Lululemon Athletica Inc. 10National Bank of Greece SA 9Financiere Richemont SA 6Finance chiefs 5Hagan 5AmerisourceBergen Corp. 4John Riccitiello 2Forward Management LLC 1basic-resources producers 1bank-deposit levy 1end backing for the federal government 1Jim Welsh 1

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