Stocks, Treasuries, Oil Decline as Bernanke Damps Stimulus Bets

Stocks fell, dragging the Standard & Poor’s 500 Index to the lowest level of the month, and oil slumped after Federal Reserve Chairman Ben S. Bernanke said he’s not prepared to take immediate action to stimulate the economy. Gold and silver rallied, while U.S. Treasuries dropped.

The S&P 500 slumped 0.7 percent to 1,308.87 at 4 p.m. in New York, the weakest close since June 29. The MSCI All-Country World Index lost 0.7 percent. Ten-year Treasury yields climbed seven basis points to 2.96 percent amid concern political gridlock will cause the U.S. to lose its top credit rating. Crude slid 2.4 percent to $95.69 a barrel, while gold touched a record $1,594.90 and ounce and silver jumped as much as 3.3 percent to a nine-week high of $39.395 an ounce.