Stocks Fall, Treasuries Rally on Political Turmoil: Markets Wrap
U.S. stocks fell the most in three weeks and Treasuries surged with gold as financial markets lurched into risk-off mode after Michael Flynn pleaded guilty to lying to federal agents. Equities pared the worst of the fall as Senate Republicans edged closer to passing tax cuts. The S&P 500 Index fell as much as 1.5 percent before cutting the drop in half as of 12:10 p.m. in New York. Gold futures surged more than 1 percent and 10-year Treasury yields plunged nine basis points. Bloomberg’s dollar index sank as investors flocked to the yen.