Spending Fears Spank Stocks

Separately, the Commerce Department said the trade deficit swelled in November to $63.1 billion from $57.8 billion in October. The figure was above the consensus of $59.5 billion and was the biggest trade gap since September 2006.

Commodity futures were in focus as crude oil continued to slide and gold prices were setting records. Oil was down $1.02 at $92.69 a barrel. Gold briefly topped $900 an ounce, and closed up $4.10 at $897.70 an ounce.

U.S. Treasury prices were on the march higher. The 10-year note rose 27/32 in price, yielding 3.79%. The 30-year bond added 1-8/32 in price, yielding 4.38%. The dollar, meanwhile, lost ground against the world's major currencies.

Overseas markets were mostly lower. Overnight in Asia, Japan's Nikkei 225 slid 1.9%, and Hong Kong's Hang Seng was weaker by 1.3%. Among European bourses, London's FTSE 100 slipped 0.3%, while Germany's Xetra Dax tacked on 0.1%.

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