U.S. Stocks Sink on Sliding Oil While Bonds, Gold Benefit
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U.S. stocks fell, with energy producers leading declines as crude oil extended losses after Goldman Sachs Group Inc. cut its price forecasts. Treasuries and the yen advanced with gold amid demand for haven assets.
The Standard & Poor’s 500 Index dropped 0.8 percent by 4 p.m. in New York, following two weeks of declines. Energy stocks sank 2.8 percent as U.S. oil slumped to a more than 5 1/2-year low of $46.07 a barrel, driving the Bloomberg Commodity Index to its lowest level since 2002. Yields on 10-year Treasuries lost four basis points to 1.91 percent. Copper declined to a five-year low, while gold futures climbed 1.4 percent to $1,232.80 an ounce. The yen gained versus most major counterparts.