S&P 500 Falls for Third Day as Euro Weakens on Cyprus

Most U.S. stocks fell for a third day, the longest slump of the year for the Standard & Poor’s 500 Index, as Cyprus rejected a bank-deposit levy needed to secure European bailout funds. Treasuries rallied and the euro traded at a four-month low versus the dollar.

The S&P 500, which climbed to within two points of its 2007 record last week, lost 0.2 percent as of 4 p.m. in New York as almost three U.S. stocks fell for every two that rose. Ten-year Treasury yields slid 5.5 basis points to 1.90 percent and Europe’s 17-nation common currency weakened as much as 0.9 percent to $1.2844, the least since November. Indian stocks sank the most this month as the government’s biggest ally pulled out of the ruling coalition. Oil and gasoline slumped at least 1.7 percent to lead commodities lower.