U.S. stocks fell, dragging the Standard & Poor’s 500 Index down from a nine?month high, after reports on job losses and service industries were worse than economists estimated. Treasuries and the dollar also declined.

The Institute for Supply Management’s index of non?manufacturing businesses, which make up almost 90 % of the economy, fell to 46.4 from 47 in June. Treasuries declined for a third day after the U.S. announced it will sell a record $75 billion of notes and bonds at next week’s auctions and Goldman Sachs Group Inc. boosted its forecast for U.S. economic growth.

Crude oil futures expiring next month rose 0.8 % to $71.97 a barrel on the New York Mercantile Exchange, the highest settlement since June 27. A U.S. government report showed that fuel demand climbed 3.1 % to 19.3 million barrels a day last week, the highest since the week ended Feb. 27.

Yesterday’s advance pushed the valuation of the S&P 500 to about 17.5 times its companies’ earnings over the past 12 months, the highest level since May 2008, according to daily data compiled by
Bloomberg.

China’s stocks fell, with the Shanghai Composite Index posting its first back?to?back losses in three weeks, as investors speculated the central bank may rein in lending and commodity prices declined. Citic Securities Co. and Baoshan Iron & Steel Co. retreated more than 3 % after the People’s Bank of China said it will fine?tune monetary policy where necessary and guide “appropriate” lending growth. “The ‘finetune tone’ is spooking investors who are worried that the central bank will follow up with tightening measures, such as hiking the reserve ratio,” Stocks on the Shanghai index trade at 36.4 times reported earnings, near an 18?month high and twice the average of emerging markets.

Copper dropped in Asia, snapping a five?day rally, as an advance to the highest level in 10 months encouraged investors to sell holdings to lock in gains. The metal climbed to $6,235 a metric ton yesterday,
the highest since Oct. 2. Copper for three?month delivery on the London Metal Exchange fell as much as 2.3 % to $6,060 a ton and traded at $6,070 a ton at 9:07 a.m. in Singapore.

Most Asian stocks fell as Nikon Corp. forecast a record loss and some investors speculated China’s central bank may rein in lending.

Better?than?expected earnings and economic reports worldwide have driven stocks higher since March, lifting the average valuation of the MSCI Asia Pacific Index’s companies to a four?month high of 25  times estimated profit on July 28.