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.
U.S. benchmark stock indexes extended records, while silver and gold rose, as Federal Reserve chairman nominee Janet Yellen said she wants to maintain stimulus until the economy improves. The yen and euro weakened as reports showed slowing economic growth.
U.S. stocks closed at a five-year high and Treasuries rose for the fifth time in six days as investors weighed prospects for a short-term lift in the U.S. debt ceiling. The yen traded at a 2 1/2-year low.
Anadarko Petroleum Corp. and Cove Energy Plc will turn their attention to the northern waters of Mozambique after finding as much as 30 trillion cubic feet of gas off the coast of the East African nation to date.