Aug. 19 (Bloomberg) — U.S. stocks fluctuated between gains and losses as investors weighed growing concern over the global economy and Europe’s debt crisis against valuations near the cheapest level since 2009. Crude oil and the euro rose.
The Standard & Poor’s 500 Index rose 0.2 percent at 11:59 a.m. in New York after rising as much as 1.2 percent and falling 0.9 percent. The Stoxx Europe 600 Index slipped 1.6 percent after dropping as much as 3.6 percent. Oil rose 1 percent as it also swung from losses to gains. Gold futures topped $1,880 an ounce for the first time. The euro added 0.5 percent against the dollar after slumping 0.5 percent, while the yen rallied to its strongest level against the dollar since World War II. Ten-year U.S. Treasury yields rose after reaching a record low yesterday.
German Chancellor Angela Merkel stepped up her rejection of jointly issued euro-area bonds, saying that a “collectivization” of the region’s debt would leave euro members worse off, following speculation the European Union will start joint bond sales. Technology and financial stocks in the S&P 500 declined, as Hewlett-Packard Co. slumped 20 percent.
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