Stocks dip after hitting records

U.S. stocks dipped one day after racing to all-time highs. The yield on 10-year Treasuries climbed above 2.6 percent for the first time since March, while the dollar failed to hold the previous day’s gain.

Most major equity gauges were lower, led by weakness in real estate, energy producers and household products makers. The move in Treasuries came as the possibility of a government shutdown after temporary funding runs out on Jan. 19 appeared to increase. In addition, investors speculated that Apple Inc. may sell some securities to pay the tax bill it will incur from it’s planned cash repatriation.

“We looked at (the government shutdown) backwards and forwards, and after a while it’s just exhausting,” Chris Harvey, head of equity strategy at Wells Fargo & Co., said on Bloomberg TV. “At the end of the day, I don’t think it really affects the capital markets all that much. We’ve seen it before, not a big deal.”

European stocks advanced but struggled to stay in the green as the euro shrugged off ECB attempts to talk down the currency earlier this week. West Texas oil slipped amid signs that U.S. crude stockpiles continued to shrink. And base metals advanced following strong Chinese growth data.

China’s better-thanexpected figures only added to the narrative of synchronized expansion, which — alongside upbeat profit expectations — could mean the bull run in stocks will keep going until 2019 or beyond, according to a Bank of America survey of fund managers.

Elsewhere, gold rose after two days of declines, and bitcoin steadied above $11,000. Emerging-market stocks gained for a fifth straight day.