Economics
S&P 500 Caps Worst Week in Two Years While Treasuries, Gold Gain
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U.S. stocks followed European shares lower, extending the worst weekly loss for the Standard & Poor’s 500 Index in two years, amid growing concern about international credit markets. Treasuries rose with gold.
The S&P 500 slipped 0.3 percent to a two-month low of 1,925.16 as of 4 p.m. in New York. The benchmark gauge lost 2 percent yesterday and 2.7 percent for the week. The Stoxx Europe 600 Index slid 1.2 percent to extend its three-day loss to 3 percent, its worst decline since January. Ten-year Treasury yields decreased six basis points to 2.50 percent. Gold futures rallied 0.9 percent to settle at $1,294.80 an ounce, while oil capped its worst weekly decline in seven months.