U.S. stocks fell, erasing early gains, and commodities dropped for a third day as the Federal Reserve said growth in employment remains slow and strains in financial markets continue to pose risks to the economy. Oil slid to a three-month low after American supplies increased. The Standard & Poor’s 500 Index lost 0.3 percent to close at 1,408.75, erasing a 0.5 percent early gain to close at the lowest level since Sept. 5. Ten-year Treasury yields rose three basis points to 1.79 percent. Oil dropped for a fifth day, trading below $86 a barrel, and gasoline extended its longest slump on record. The euro lost 0.2 percent to $1.2968 after German manufacturing and business confidence missed estimates.