U.S. Stocks Fail to Build on Rally as Brent Pulls Back From $50
- Bank shares drop as investors rotate into dividend equities
- Currencies of commodity-producing nations dominate dollar
Global Disruptions Trim Oil Glut
U.S. stocks ended little changed, with the S&P 500 Index failing to surpass a key level as Brent crude erased gains after topping $50 a barrel for the first time in six months. Treasuries rose.
Banks and raw-material producers, which led gains in the S&P 500 Index over the past two days, dragged the benchmark lower Thursday, preventing it from moving beyond the 2,100 level. Investors rotated into high dividend-paying stocks as Treasury yields fell for the first time in three days. Brent, which has soared more than 80 percent from a January low, touched its highest level since November after data showed U.S. inventories oil shrank more than expected last week. The Norwegian krone and Malaysia’s ringgit were among the best performers in currencies, as the dollar weakened. Zinc soared.