U.S. Stocks Decline With 10-Year Treasuries After Fed
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U.S. stocks and 10-year Treasuries fell after the Federal Reserve cut growth estimates and expanded its economic stimulus program known as Operation Twist. Oil tumbled to an eight-month low.
The Standard & Poor’s 500 Index lost 0.2 percent to 1,355.69 at 4 p.m. in New York, paring a drop of as much as 0.9 percent. The yield on 10-year Treasuries increased four basis points to 1.66 percent, while the rate on 30-year bonds was almost unchanged at 2.74 percent. Crude slid 2.7 percent to $81.80 a barrel after U.S. inventories climbed to a 22-year high. The S&P GSCI Index of commodities fell to the lowest level since 2010. Spanish and Italian bonds rallied on speculation European leaders will act to reduce yields.