Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, set aside $4.4 billion to pay employees in the first quarter, 16 percent less than a year earlier, as revenue fell and the company cut jobs.
Stocks fell, giving U.S. equities the longest slump since November and driving Spanish shares to the lowest level since 2009, after China posted slower-than- forecast economic growth and American consumer confidence weakened. Commodities slid and Treasuries rose.
U.S. stocks fell for a second day, led by commodity producers, as oil plunged on an increase in crude supplies while growth in durable-goods orders trailed estimates. Treasuries fell after demand weakened at an auction.
Stocks and commodities dropped while Treasuries rose for a third day after European and Chinese manufacturing contracted and FedEx Corp. predicted slower growth, undermining confidence in the global economy.
U.S. stocks retreated, trimming the longest monthly rally since September 2009 for the Standard & Poor’s 500 Index, as manufacturing contracted in China and Europe and FedEx Corp. tumbled amid a disappointing forecast.
Record volatility in stocks pushed investors to the safety of large companies and handed the Dow Jones Industrial Average the best risk-adjusted return since the bull market started in 2009, the first time the gauge has led a comparable recovery.
Stocks retreated from an almost three-month high as Italian and Spanish bonds fell amid concern European leaders will struggle to raise funds to contain the region’s debt crisis. The yen sank from a post-World War II record against the dollar after Japan intervened in the market.
U.S. stocks rallied this week, putting the Standard & Poor’s 500 Index 0.2 percent away from erasing its losses since April, amid optimism Greece will get another bailout and better-than-estimated economic data.