Wall Street Today | Oil Extends Slump to Lowest in a Month on Slowdown Fears

After 11th straight green week on Friday, the longest winning streak since October 2014, the ICE U.S. Dollar Index DXY traded as high as 107.35 on Tuesday. The ICE index measures the dollar's strength against a basket of rivals.

The 30-year Treasury bond rose 12.4 basis points to 4.899%, its highest level since late 2007, pushing the buck higher in strength. Last year, the buck peaked in late September with the dollar index rallying at its highest level in two decades. At the same time, U.S. stocks and bonds endured their worst calendar-year performance since 2008.

U.S. private-sector employment rose by a tepid 89,000 in September, payroll processor ADP said, perhaps a sign the labor market is catching a chill in the early fall. That’s the smallest increase in two and a half years. Economists polled by the Wall Street Journal had forecast a gain of 150,000.

“We are seeing a steepening decline in jobs this month,” said Nela Richardson, chief economist ADP. “Additionally, we are seeing a steady wage decline in the past 12 months.”

Oil plunged $4 on Wednesday, with recent data increasing concern about the demand outlook for crude and gasoline. Crude’s second-half rally has halted on expectations that interest rates will remain elevated and that a strengthening dollar and U.S. Treasury yields weaken oil as a commodity.

Gasoline futures also tumbled as demand dropped to the lowest seasonal level in 25 years.