Commodities Slump as ‘Death Bell Rings’; U.S. Stocks Drop

Metals and energy sank, sending a gauge of commodities to an eight-month low and extending a slump that Citigroup Inc. said may mark the “death bell” for the four-year rally in materials. The Standard & Poor’s 500 Index fell from a record as retail sales and consumer confidence slid.

The S&P/GSCI Index tumbled 1.3 percent to the lowest level since July. Gold futures plunged as much as 5.3 percent to trade below $1,500 for the first time since 2011 and entered a bear market, amid speculation Cyprus will sell reserves to raise cash. The S&P 500 Index slipped 0.3 percent, while emerging market technology stocks fell the most since August after Infosys Ltd.’s sales forecast missed estimates. The 10-year Treasury note yield lost seven basis points to 1.72 percent, while the dollar strengthened versus 10 of 16 major peers.