U.S. stocks fell the most in six weeks as a rout in commodities pressured energy and raw-materials providers while investors braced for the first rise in interest rates since 2006.
Chevron Corp. dropped 2.5 percent and miner Freeport-McMoRan Inc. sank 5.8 percent as the stronger dollar and a persistent slump in demand from China sent the Bloomberg Commodity Index to the lowest since 1999. The recent weakness in commodity shares is a turnabout after energy and raw-materials helped drive a rebound from a summer correction and in October had their strongest month in four years.
The Standard & Poor’s 500 Index fell 1.4 percent to 2,046.01 at 4 p.m. in New York, slipping below its average price during the past 200 days for the first time in two weeks. The U.S. equity benchmark has struggled to hold gains after rallying to within 1 percent of a record on Nov. 3.
Source : Bloomberg