Global Stocks End Longest Rally in 11 Months; Treasuries Gain

Stocks slid, with the MSCI World Index halting the longest rally in 11 months, as a drop in U.S. home sales underscored concern the recent advance in equities may have overshot prospects for the economy. Treasuries jumped as a sale of two-year notes produced a record low yield.

The MSCI gauge of 24 developed nations lost 1.4 percent at 4 p.m. in New York, ending a 10-day streak of gains. The Standard & Poor’s 500 Index declined 1.6 percent, with energy shares leading the drop as the White House said it would appeal a judge’s ruling to lift a deepwater drilling moratorium. The MSCI Emerging Markets Index slid 1.1 percent, halting its longest rally since 2005. Oil fell for the first time in three days. Ten-year Treasury yields retreated to 3.16 percent.