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.
Treasury 10-year yields touched 2% for the first time since April after U.S. durable-goods orders climbed more than forecast. The Standard & Poor’s 500 Index retreated following an eight-day rally, its longest since 2004.
U.S. stocks retreated for a second day as investors awaited fourth-quarter earnings reports, while European shares erased earlier gains triggered after economic confidence grew more than forecast. The yen and gold advanced.