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Stocks, Treasuries Slide on U.S. Debt Concern; Dollar Rallies

Stocks sank, dragging the Standard & Poor’s 500 Index down the most in almost two months, and Treasuries and commodities slid as a stalemate over the debt ceiling pushed the U.S. closer to default. The dollar rallied.

The S&P 500 lost 2 percent to 1,304.89 at 4 p.m. in New York for its biggest slide since June 1. The cost of insuring against a U.S. default climbed to the highest level since February 2010 and 10-year Treasury note yields increased two basis points to 2.98 percent. Coffee and oil lost more than 1.5 percent and gold erased earlier gains to drag the S&P GSCI Index down 0.9 percent. The Dollar Index rose 0.9 percent.