Stocks Drop With Oil as Dollar Rebounds on Growth Concern
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U.S. stocks sank, sending the Standard & Poor’s 500 Index to its biggest loss in three months, amid concern that global stimulus measures won’t be enough to boost growth. Oil fell and the dollar reversed earlier losses.
The S&P 500 slid 1.1 percent to 1,441.59 at 4 p.m. in New York, erasing an early advance of 0.4 percent. Oil retreated 0.6 percent to a seven-week low of $91.37 a barrel. The Dollar Index, a gauge of the currency against six major peers, rose 0.2 percent to 79.664 after retreating 0.2 percent earlier. Ten-year Treasury yields fell four basis points 1.67 percent after earlier rising two points.