U.S. stocks declined from records as oil dropped below $50 a barrel. The dollar strengthened against emerging-market currencies before Federal Reserve Chair Janet Yellen addresses Congress this week.
The Standard & Poor™s 500 Index slid 0.3 percent at 12:47 p.m. in New York after closing at an all-time high on Friday. The Stoxx Europe 600 Index added 0.7 percent, while Portugal™s 10-year rate reached 2.118 percent, below its U.S. equivalent. The dollar strengthened, while the ruble slid 3.6 percent in offshore trading after Moody™s Investors Service downgraded Russia to junk. Oil lost 3.2 percent in New York.
Major U.S. equity benchmarks closed at records Friday after Greece reached a deal to extend the terms of its bailout. Investors will watch Yellen™s semi-annual testimony to Congress starting Tuesday for clues on the timing of an interest-rate increase. A report Monday showed sales of existing U.S. homes fell more than forecast last month. European equities gained on the Greek deal.