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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

Dollar Gains

The dollar strengthened versus 14 of its 16 major peers as the Federal Reserve starts a two-day meeting today. Ben S. Bernanke is tightening his control of Fed communications to ensure investors hear his pro-stimulus message over the cacophony of more hawkish views from regional bank presidents.

The chairman, starting tomorrow, will cut the time between the release of post-meeting statements by the Federal Open Market Committee and his news briefings, giving investors less opportunity to misperceive the Fed’s intent. In recent presentations, he has pledged to sustain easing, defending $85 billion in monthly bond purchases during congressional testimony last month and warning that “premature removal of accommodation” may weaken the expansion.

‘Bit Extended’

The S&P 500 rallied as much as 131% from its 2009 bear-market low through March 14, coming within two points of its 2007 record close of 1,565.15, as the Fed’s programs suppressed borrowing costs and helped stoke three straight years of profit growth. The equity index’s dividend yield, currently at 2.1%, has been above the rate on 10-year Treasuries for almost a year.

This bull market “is getting time-wise a bit extended,” Jim Welsh, who helps oversee $6 billion at Forward Management LLC in San Francisco, said in a phone interview. “Could there be a little bit more life in this thing? Of course, there can be. The central bank obviously has the foot pressed to the metal. People have a lot of faith that that’s going to prevent anything bad from happening. I don’t believe Fed is going to change anything any time soon. They’re going to keep rates low.”

The yen strengthened against 15 of 16 major peers before a change of leadership at the Bank of Japan tomorrow.

‘Isn’t Just’

The Stoxx Europe 600 Index lost 0.4% today and has retreated about 1% from last week’s 4 1/2-year high.

Parliament began debating the deposit tax about 6 p.m. in the Cypriot capital, Nicosia, after President Anastasiades told German Chancellor Angela Merkel in a phone call that he doesn’t have the support to pass the measure. Lawmakers “feel and think it isn’t just and that it’s against the interest of Cyprus,” he told Sweden’s TV4 channel in an interview today.

The Mediterranean island nation’s banks and stock exchange will remain closed at least through tomorrow as the new Cypriot president seeks backing for the 5.8 billion-euro ($7.5 billion) levy on bank deposits, a measure needed to win 10 billion euros in international aid. Finance chiefs from the 17-member euro area urged Cyprus late yesterday to spare small-scale savers, as they maintained the size of their demand on account holders.

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Related Terms
US Federal Reserve 8527bank 6455Bloomberg 5254crude oil 3328European Central Bank 3208metal 3075financials 2975European Union 2864Euro 2647S&P 500 2457stocks 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

Free Newsletter Modern Trader Follow

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