U.S. Stocks Fall on Fed Bets as Twitter Jumps; Euro Drops

U.S. stocks and commodities slid as faster economic growth spurred concern the Federal Reserve will scale back stimulus sooner than expected, while Twitter Inc. surged in its trading debut. The euro fell, while the region’s bonds rose, as the European Central Bank cut interest rates.

The Standard & Poor’s 500 Index declined 1.3 percent to 1,747.15 by 4:15 p.m. in New York, its biggest drop on a closing basis since August. Twitter soared 73 percent. The euro lost 0.7 percent versus the dollar and yen rallied against major peers while Japanese index futures sank. Ten-year Spanish and Italian bond yields dropped at least 10 basis points and U.S. Treasury rates also fell. Gold lost 0.8 percent as the S&P GSCI Index of commodities closed at the lowest level since April 17.