U.S. Stocks Fall on JPMorgan Miss; Treasuries, Oil Rise
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U.S. stocks fell, giving the Standard & Poor’s 500 Index its worst week since 2012, amid disappointing results at JPMorgan Chase & Co. and signs hedge funds were dumping the bull market’s top performers. Treasuries rose, while oil hit a five-week high.
The S&P 500 sank 0.9 percent at 4 p.m. in New York. The Nasdaq Composite Index fell 1.3 percent to close below 4,000 for the first time in two months. The 10-year Treasury yield lost three basis points to 2.62 percent while 30-year yields hit a nine-month low. The dollar snapped five days of losses as investor risk appetite shrank amid a drop in global equities.