U.S. Stocks Slide With Commodities as Bonds Rise on Fed Comments
- Oil drops beyond $42 a barrel with copper at six-year low
- Fed's Lacker says caution is warranted in policy responses
Why Fed's Dudley Is Not Ready to Pledge December Liftoff
Stocks in the U.S. fell as concern slowing growth may spread throughout the global economy rekindled a selloff in commodities. The dollar retreated and Treasuries climbed as Federal Reserve officials emphasized the need for a cautious approach to monetary policy, while reiterating their desire to boost key interest rates this year.
The Standard & Poor’s 500 Index tumbled through its average price over the past 200 days as resource producers declined. Copper fell to its lowest price since 2009 and U.S. crude oil slid beyond $42 a barrel, spurring the Bloomberg Commodity Index to extend losses at its weakest point since 1999. The greenback slipped a second day versus major peers, while 10-year Treasuries extended their rebound from the lowest level since July.