U.S. Stocks Sink With Emerging Currencies After Fed Taper
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U.S. stocks fell, pushing the Standard & Poor’s 500 Index to a two-month low, while Treasuries and the yen gained as the Federal Reserve said it would make further cuts to economic stimulus and as emerging-market currencies weakened. Gold and natural gas climbed.
The S&P 500 slumped 1 percent to 1,774.20 by 4:34 p.m. in New York, the lowest close since Nov. 12 after European stocks retreated. Facebook Inc. rose after market on better-than-estimated earnings. Ten-year Treasury yields dropped seven basis points and the yen gained 0.7 percent. Russia’s ruble slipped to a record versus its dollar-euro basket, while South Africa’s rand sank 2.1 percent. Gold futures rose the most in a week while natural gas contracts jumped to a four-year high.