Oil Tumbles Below $70 as Stocks Drop; Bonds, Dollar Rally
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Oil plunged below $70 a barrel for the first time since 2010, leading a selloff in commodities and energy shares. Treasuries advanced and the dollar reached a five-year high, while retailers rose amid Black Friday sales.
West Texas Intermediate tumbled 10 percent to $66.15 for the biggest drop in more than five years. The Bloomberg Dollar Spot Index climbed to a five-year high as of 3:24 p.m. in New York, while gold sank 1.8 percent. Yields on 10-year Treasuries dropped 8 basis points to the lowest in more than five weeks, and Japan’s two-year rates turned negative for the first time. The Standard & Poor’s 500 Index dropped 0.3 percent and the Russell 2000 Index fell 1.5 percent, as U.S. markets reopened after the Thanksgiving holiday.