U.S. stocks, dollar retreat as Apple bolsters Dow

U.S. stocks fell from near record levels even as Apple Inc. pushed to an all-time high, as the dollar slumped to a 2 1/2-year low versus the euro and crude failed to hold above $50 a barrel.

The S&P 500 Index slumped as energy shares retreated anew, while Apple’s 5 percent gain briefly took the Dow Jones Industrial Average past 22,000 for the first time. Rio Tinto Plc led miners lower in Europe. The euro, coming off its best month since March 2016, continued its surge versus the ailing dollar. Oil traded near $49 a barrel as U.S. crude stockpiles expanded, while copper dropped a second day.

The common currency’s longest rally since 2013 has been sustained by interest-rate differentials and broad dollar weakness as investors lost faith in Donald Trump’s spending plans amid an administration in disarray. With the dollar index near a two-year low, the options market shows that traders are gearing up for more euro strength, with demand growing for calls, which give the right to buy. The currency’s advance has pushed European earnings revisions into negative territory, according to Credit Suisse Group AG.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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