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22Jun/12Off

Stocks Drop as Commodities Enter Bear Market on Economy

U.S. stocks tumbled, driving the Standard & Poor’s 500 Index to the second-biggest loss of the year, and commodities entered a bear market while Treasuries and the dollar rallied as reports on global manufacturing fueled concern the economy is slowing.

The S&P 500 sank 2.2 percent. The S&P GSCI commodities gauge slid to the lowest level since 2010 and is down 22 percent from a February peak. Oil fell below $80 a barrel for the first time in eight months. Ten-year Treasury yields lost four basis points to 1.62 percent. The dollar gained versus all major peers. S&P 500 futures rose 0.3 percent at 6:21 p.m. New York time after bank credit downgrades announced by Moody’s Investors Service matched expectations.

More:http://www.bloomberg.com/news/2012-06-21/asian-stocks-gain-after-fed-extends-stimulus-as-oil-euro-drop.html?cmpid=yhoo

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