U.S. Treasuries, Dollar Gain as Stocks Fall on Economic Concern

Treasuries rose, snapping a five-day losing streak, while the U.S. dollar rose and stocks fell after a Moody’s Investors Service downgrade of Portugal’s debt to junk and lower-than-estimated American factory orders rekindled concern the global economy will slow. Oil and gold surged.

The rally in 10-year U.S. Treasuries drove the yield down 0.06 percentage point to 3.13 percent at 4:14 p.m. in New York, and rates on three-month bills fell below zero for the first time since December 2008. The Dollar Index rose 0.5 percent, and the American currency gained versus 15 of 16 major counterparts. The S&P 500 declined 0.1 percent, erasing a 0.1 percent gain driven by energy producers. Crude jumped 2.1 percent, while gold rose 2 percent.