U.S. stocks sank the most since June,
capping the worst week for benchmark indexes since 2012, as a selloff in
developing-nation currencies spurred concern global markets will become
more volatile.
 The Standard & Poor’s 500 Index
retreated 2.1 percent to 1,790.31 at 4 p.m. in New York to close at the
lowest level since Dec. 17. The benchmark index declined 2.6 percent
this week. The Dow Jones Industrial Average slid 318.24 points, or 2
percent, to 15,879.11 today. The 30-stock gauge lost 3.5 percent this
week. Trading in S&P 500 stocks was 52 percent above the 30-day
average at this time of day.
Emerging-market currencies had their
worst selloff in five years yesterday as Argentine policy makers
devalued the peso by reducing support in the foreign-exchange market.
The Turkish lira plunged, Ukraine’s hryvnia sank to a four-year low and
South Africa’s rand weakened beyond 11 per dollar for the first time
since 2008. China’s banking regulator ordered its regional offices to
increase scrutiny of credit risks in the coal-mining industry, said two
people with knowledge of the matter, signaling government concern about
possible defaults.
Copy Source : Bloomberg
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