Economics
Stocks, Oil Drop on Debt Concern; Gold in Longest Run Since 1980
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Stocks fell around the world, extending last week’s drop, and oil declined amid concern officials are no closer to solving the debt crises in Europe and the U.S. Gold extended its longest rally since 1980.
The Standard & Poor’s 500 Index lost 0.8 percent to 1,305.44 at 4 p.m. in New York and the Stoxx Europe 600 Index sank 1.8 percent, extending its slide from its 2011 high to almost 10 percent. The euro recovered losses after reaching an all-time low versus the Swiss franc, while costs to insure European sovereign debt climbed to a record. Gold topped $1,600 an ounce for the first time. Italy’s 10-year bond yield rose 20 basis points and Spain’s surged 25 points. Oil fell 1.4 percent.