The following is an excerpt from CHRISTOPHER WHITTALL and MIKE BIRD | April 7, 2016 | WSJ.com |
Haven assets rallied Thursday, driving the dollar to its lowest level against the yen since 2014.
European and U.S. stocks pulled back after having advanced Wednesday.
The dollar fell 1.4% against the yen to ¥108.31, according to FactSet, bringing its year-to-date loss to around 10%. Gold rose 1.3% to $1,239.30 an ounce and government bonds rose. The yield on the 10-year Treasury note fell to 1.725% from 1.753% on Wednesday.
The Dow Jones Industrial Average was down 110 points, or 0.6%, at 17605 shortly after the opening bell. The S&P 500 fell 0.5% and the Nasdaq Composite was 0.5% lower.
The Stoxx Europe 600 lost 0.2%, weighed down by a fall in banking shares.
Stock markets have struggled for direction this month following a sharp rally that began in mid-February on easing concerns over the global economy and support from central banks.
Thursday’s moves came after the U.S. Federal Reserve released minutes from its March policy meeting Wednesday that showed officials were unlikely to raise interest rates in April.
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