Stocks fall as oil sinks

Markets fell on Wednesday. Bloomberg reports:

U.S. stocks led global equities lower for a third day, as a rout in energy producers spread to the broader market after oil sank to a five-year low. The yen strengthened with Treasuries as investors sought haven assets.

The Standard & Poor’s 500 Index dropped 1.6 percent, extending losses in afternoon trading as all 10 main groups slid at least 1 percent. West Texas Intermediate crude plunged 4.5 percent to settle at $60.94 a barrel, while Brent fell below $65 for the first time since 2009. The yield on 10-year Treasury (USGG10YR) notes dropped five basis points to 2.17 percent. The yen had its biggest three-day gain in more than a year. New Zealand’s dollar soared 1.7 percent at 5:34 p.m. in New York as the central bank said future interest-rate increases can be expected after holding borrowing costs steady today...

The MSCI All-Country World Index dropped 1.2 percent for a third day of losses. It was the biggest retreat since Oct. 10 and the lowest level since Oct. 30.

The fall in the S&P 500 on Wednesday was the biggest since 13 October. It has now fallen for three consecutive days after hitting a record high on 5 December, losing 2.4 percent in the process.

The US stock market's rally from the October low has clearly lost momentum for now.