U.S. Stocks Fall as Brent Reignites Commodity Slump; Bonds Climb
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U.S. stocks were dragged lower by a resumption in the commodities rout, with Brent crude sliding below $50 a barrel for the first time since January. Treasuries advanced as the selloff damped the outlook for inflation.
The Standard & Poor’s 500 Index lost 0.3 percent by 4 p.m. in New York, paring losses in the last 30 minutes of trading. Brent futures slid 5.2 percent to at $49.52 a barrel, its lowest close in six months. Bloomberg gauges of the world’s biggest energy producers and mining companies tumbled to six-year lows as metals to crops and gasoline tumbled. Yields on 10-year Treasuries fell to 2.15 percent, a two-month low.