U.S. Stocks Fall 5th Day as Oil Extends Rout; Bonds Gain

U.S. stocks extended the longest losing streak in 13 months as oil sank below $48 a barrel and data showed slower growth in the services industries. Global bonds rallied and the yen strengthened with gold.

The Standard & Poor’s 500 Index fell 0.9 percent at 4 p.m. in New York for a fifth day of declines. Bank and energy shares led losses. Futures on the Nikkei 225 Index slid 2 percent in Chicago. The yield on 10-year Treasuries plunged seven basis points to 1.96 percent, the first drop below 2 percent since October. The yen climbed to the strongest level in two months versus the euro and gold jumped 1.2 percent. West Texas Intermediate declined 4.2 percent to settle at $47.93.