U.S. Stocks Drop as Treasuries Advance After Employment Report

Stocks dropped, trimming a weekly gain, as faster-than-forecast growth in U.S. jobs failed to lift the Standard & Poor’s 500 Index above its October high. Treasuries rose as Federal Reserve Bank of New York President William Dudley said more monetary accommodation is appropriate.

The Standard & Poor’s 500 Index slipped 0.3 percent to close at 1,277.81 at 4 p.m. in New York, trimming its weekly gain to 1.6 percent. The Dow Jones Industrial Average lost 55.78 points, or 0.5 percent, to 12,359.92. Treasury 10-year yields fell four basis points to 1.96 percent. The Stoxx Europe 600 Index ended little changed as Germany’s DAX Index tumbled 0.6 percent and the euro traded at a 15-month low versus the dollar. Natural gas and heating oil led gains in commodities.