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S&P 500 Has Biggest Drop of 2012 as Treasuries Advance

Stocks fell a third day, with the Standard & Poor’s 500 Index posting its worst drop of the year, and commodities slid after a report showed Europe’s economy contracted and as investors watched developments in a Greece debt-swap deal. U.S. Treasuries and the yen gained.

The S&P 500 slid 1.5 percent, the most since Dec. 8, to 1,343.36 at 4 p.m. in New York, while the Dow Jones Industrial Average tumbled 203.66 points to 12,759.15. Gold, silver and copper futures lost at least 1.9 percent. The yen gained versus all 16 major peers and 10-year Treasury note yields fell six basis points to 1.95 percent.