Stocks, Commodities Slide on China Concern; Treasuries Tumble
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Stocks slid, extending the biggest weekly slump in three months for U.S. benchmark indexes, and commodities tumbled amid speculation China will lift interest rates. Irish and Portuguese bonds rose as Group of 20 officials said they’re working on ways to resolve the debt crisis.
The Standard & Poor’s 500 Index fell 1.2 percent to 1,199.21 at 4 p.m. in New York after the Shanghai Composite Index sank the most since August 2009. The Thomson Reuters/ Jefferies CRB commodities index fell the most in 18 months as oil and copper lost more than 3 percent. Irish 10-year notes rose for first time in 14 days. Treasuries fell, with two-year yields increasing the most in six months, amid reduced demand for safety from bond investors.