Stocks and commodities slid in Tuesday trading, while the euro extended its longest slump since 2008, as concern that new Greek political leaders will back out of bailout agreements sent the nation’s benchmark equity index to an almost 20-year low.
The Standard & Poor’s 500 index slipped 0.4 percent to close at 1,363.72. The index pared a loss of as much as 1.6 percent after holding for most of the day above 1,350, a technical level watched by traders.
Greece’s ASE index plunged 3.6 percent to close at the lowest level since November 1992.
Copper and oil lost at least 1 percent as the S&P GSCI index of commodities wiped out most of its 2012 gain. The euro fell a seventh day, losing 0.3 percent to $1.3013. Ten-year Treasury yields fell to a three-month low.
“The situation in Europe could get worse before it gets better,” said James McDonald, chief investment strategist at Northern Trust Corp. in Chicago. His firm manages $715 billion.
The S&P 500 dropped for the fourth time in five days, extending its retreat from a four-year high last month to 3.9 percent.
Hewlett-Packard Co. and Bank of America Corp. dropped more than 2 percent to lead the Dow Jones industrial average down 76.44 points to 12,932.09. It earlier dropped as much as 198 points. McDonald’s retreated 2.1 percent after April sales trailed analysts’ projections.