S&P 500 Drops From Record as Treasuries Gain, Oil Tumbles

U.S. stocks fell, with the Standard & Poor’s 500 Index starting the year lower for the first time since 2008, as investors sold shares after the best annual gain in 16 years. Treasuries and gold climbed, while crude oil slid.

The S&P 500 dropped 0.9 percent from a record to 1,831.98 by 4:24 p.m. in New York while the Stoxx Europe 600 Index lost 0.7 percent. Ten-year Italian bond yields reached the lowest level since May. The MSCI Emerging Markets Index retreated 1.2 percent as Chinese manufacturing slowed. Turkey’s lira slid to a record low versus the dollar. Gold rallied after sinking 28 percent last year, while oil slumped 3 percent, the most in 14 months. Ten-year Treasury yields fell four basis points to 2.99 percent after touching 3.05 percent, the highest since 2011.