Stocks Drop, Treasuries Rise on Greece, Fiscal Cliff
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to the biggest two-day drop of the year, and Treasuries rose as investors speculated Greece’s bailout will be delayed and that President Barack Obama’s re-election endangers tax breaks for investors. The euro slid.
The S&P 500 slid 1.2 percent to 1,377.51 as of 4 p.m. in New York, the lowest level in three months. The MSCI Emerging Markets Index lost 1.2 percent. The euro weakened 0.2 percent to $1.2747 and touched a two-month low. The yield on the current 30-year U.S. bond dropped eight basis points to 2.75 percent. The S&P GSCI gauge of 24 raw materials added 0.4 percent as oil, gold and silver rallied.