U.S. Stocks Drop With Global Equities as Oil Falls, Dollar Gains
- S&P 500 trims annual gain after rising to three-week high
- Oil falls as American stockpiles head for record annual growth
Oil Declines After Report Shows Inventories Grew
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Global stocks extended their first annual slide in four years as oil resumed a retreat amid data showing an increase in American inventories. The dollar gained versus commodity currencies.
U.S. stocks fell from a three-week high amid trading that was more than 40 percent below the 30-day average. European equities extended their worst December drop since 2002, while emerging-market equities sank as oil fell below $37 a barrel in New York on data showing an increase in American inventories. The Russian ruble and Brazil’s real led a retreat in currencies. The dollar strengthened.