S&P 500 Extends Worst Weekly Drop Since June as Oil, Metals Gain

U.S. equities fell, with benchmark gauges capping their worst week since June after a rally to a record left the Standard & Poor’s 500 Index at its most-expensive valuation in three years. Oil and metals advanced as Chinese industrial output expanded faster than estimated.

The S&P 500 lost 0.4 percent to 1,691.42 at 4 p.m. in New York and slid 1.1 percent for the week. West Texas Intermediate crude climbed 2.5 percent to $105.97 a barrel while zinc, nickel and lead jumped at least 1.9 percent. South Africa’s rand reached the strongest level this month against the dollar and Australia’s currency posted its biggest weekly gain since December 2011. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong advanced 1.2 percent.