U.S. stocks fell, snapping a streak of rallies on the first session of the year since 2009, as investors sold shares following the best annual gain since 1997. Treasuries and gold climbed, while oil prices tumbled.
Fuels and precious metals led commodities lower and Treasuries rose before the Federal Reserve announces its plans for monetary policy tomorrow. The Standard & Poor’s 500 Index fell while the benchmark gauge of equity volatility extended gains to a two-month high.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and the yen strengthened as concern American lawmakers will fail to reach a budget deal overshadowed better-than-estimated economic data. Oil, gold and coffee led commodity gains as the dollar weakened.