Stocks Tumble as 10-Year Yield Nears Record Low on Jobs Data

Stocks tumbled, wiping out the weekly gain for the Standard & Poor’s 500 Index, while the dollar, Treasuries and gold rose following a report showing American job growth stalled in August. European sovereign-debt risk climbed to a record amid bickering over Greece’s bailout.

The S&P 500 fell 2.5 percent to 1,173.97 at the 4 p.m. close in New York and the Stoxx Europe 600 Index lost 2.4 percent. The Dollar Index rose 0.4 percent in a fourth straight gain, its longest rally since January, and the Swiss franc rose versus all 16 major peers. Ten-year Treasury yields sank 14 basis points to 1.99 percent, four points above a record low, and the 30-year rate reached the lowest since 2009. Gold jumped 2.6 percent to $1,876.90 an ounce; oil lost 2.8 percent.