U.S. Stocks Fall on Earnings; Commodities, Euro Slump
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U.S. stocks fell for a fourth day as pessimism about the earnings season grew while commodity producers slid amid lower oil and metal prices. The euro reached a two-year low versus the dollar, while European shares rallied.
The Standard & Poor’s 500 Index dropped 0.8 percent to close at 1,341.47 at 4 p.m. in New York, extending its longest slump since May. Ten-year Treasury yields slipped one basis point to 1.50 percent. The euro weakened as much as 0.6 percent to $1.2235 and touched a record low of 1.199 Australian dollars. Oil sank 2.4 percent to $83.91 a barrel as a strike in Norway was averted and China reduced purchases. Natural gas tumbled 5 percent; nickel and silver lost more than 2 percent.