U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.
The Standard & Poor’s 500 Index lost 0.8 percent to 1,655.35 at 4 p.m. in New York, retreating from a record after climbing as much as 1.1 percent earlier. Ten-year Treasury yields jumped 11 basis points to 2.04 percent, topping 2 percent for the first time since March. The Dollar Index rose 0.5 percent to 84.24, trading near its strongest level since 2010. Gold futures retreated 0.7 percent to settle at $1,367.40 an ounce, reversing a 2.6 percent rally, with losses deepening in extended trading.
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