U.S. Stocks Drop Amid Concern Over Economic Slowdown; Yen Rises

U.S. stocks fell, capping a fourth straight weekly slump for the Standard & Poor’s 500 Index, as the cheapest price-earnings ratios since 2009 failed to lure investors amid concern the global economy is weakening. The yen touched a post-World War II high against the dollar.

The S&P 500 dropped 1.5 percent to 1,123.53 at 4 p.m. in New York, after rising as much as 1.2 percent. The Stoxx Europe 600 Index fell 1.6 percent to its lowest close since July 2009. The Japanese yen reached 75.95 per dollar, its strongest postwar level as investors sought refuge in the currency. Oil slid 0.1 percent as it swung from gains to losses. Gold futures topped $1,880 an ounce for the first time. Ten-year Treasury yields rose less than one basis point after yesterday’s record low.