(Bloomberg) —Treasuries climbed, while the dollar slumped with U.S. stocks on speculation post-election market moves went too far, with investors awaiting corporate earnings and fresh economic data for clues on the economy’s strength.

Selling in the dollar and equities eased in afternoon trading, with the S&P 500 Index recouping more than three quarters of its losses to close 0.3 percent below an all-time high. Banks led declines, with three of the largest U.S. lenders due to report fourth-quarter results Friday. The Bloomberg Dollar Spot Index cut its second consecutive drop in half. The yield on 10-year Treasury notes slid for the third time this week. Oil posted the biggest two-day gain in six weeks.

A day after Donald Trump’s  press conference provided few specifics on the timing and scope of planned policies from infrastructure spending to trade pacts, investors began turning attention to corporate earnings and a report on holiday-season retail sales. China export data is also due Friday. Trump yesterday gave investors little reason to add to bets that had taken the dollar to a 14-year high and stocks to records.

Stocks

The S&P 500 Index dropped 0.2 percent to 2,270.40 at 4 p.m. in New York, after falling as much as 0.9 percent. It closed Wednesday two points from a record. Delta Air Lines Inc. fell 1.1 percent after the carrier was the first S&P 500 company to report fourth-quarter earnings.  Banks dropped 0.7 percent, trimming a loss that reached 1.6 percent. JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. are slated to report tomorrow. The Nasdaq Composite Index dropped for the first time in eight days, halting the longest rally since June that had taken it to five consecutive record closes. The Stoxx Europe 600 Index lost 0.7 percent, while the FTSE 100 erased a loss to eke out a record 13th straight advance. Emerging-market equities rallied to the highest level since U.S. election, as the rallies in crude and metals lifted commodities producers.

Currencies

The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, fell 0.5 percent, paring a retreat that topped 1 percent. The euro strengthened 0.4 percent to $1.0622. Turkey’s lira jumped 2.7 percent to 3.7614 versus the dollar. The central bank is implementing measures to force banks to borrow at a higher rate, according to a person with direct knowledge of the matter.

Bonds

The benchmark 10-year Treasury yield fell two basis points to 2.36 percent, and earlier touched the lowest level since Nov. 30.  German 10-year yields dropped one basis point to 0.32 percent, while those in the U.K. slid five basis points to 1.30 percent.

Commodities

Oil futures rose 1.5 percent to settle at $53.01 a barrel in New York, after Saudi Arabia said it cut production even more than required by an OPEC deal. Gold rose above $1,200 an ounce for the first time since November as the dollar sagged.  Copper added 1.2 percent to $5,779 a metric ton, the highest in a month after Indonesia confirmed a halt to concentrate exports. Zinc rose 1.4 percent. U.S. natural gas rose 2.2 percent to $3.367 per million British thermal units as a Bloomberg survey showed inventories probably fell by 141 billion cubic feet last week.

–With assistance from Stephen Kirkland, Neil Denslow, Todd White, Adam Haigh and Natasha Doff. To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net Jeremy Herron, Cecile Gutscher