U.S.
stocks declined, with the Standard & Poor’s 500 Index posting its
worst month in more than three years, as investors harbored concerns
about slowing global growth and the impact of a potential interest-rate
increase by the Federal Reserve as soon as September.
The
S&P 500 lost 0.8 percent to 1,972.15 at 4 p.m. in New York, capping
its biggest monthly slide since May 2012. The gauge in earlier trading
fell as much as 1.2 percent before nearly erasing the retreat. The Dow
Jones Industrial Average sank 0.7 percent to complete its worst monthly
drop since May 2010.
Equities
trimmed their losses in the late morning after energy shares in the
benchmark index reversed a 2.5 percent selloff to rally as much as 1.4
percent. The move followed a jump in oil prices after a government
report reduced its crude production estimates and OPEC said it’s ready
to talk to other global producers to achieve “fair prices.” Stocks have
been whipsawed by gains and losses since last week as markets remain
subject to sudden shifts in investor sentiment.
The
S&P 500 ended down 6.3 percent this month as China’s currency
devaluation earlier this month spurred concern over global growth,
erasing more than $5.3 trillion in equity market values worldwide. The
benchmark’s 0.9 percent gain last week masked a volatile period in which
the S&P 500 plunged the most since 2011 to enter a correction, only
to rally more than 6 percent over two days for its best back-to-back
gains since the beginning of the bull market in 2009.
More
than $2 trillion of share value was erased from U.S. markets between
the end of July and the lowest levels of last week, a sum equal to
roughly two years of S&P 500 earnings, data compiled by Bloomberg
show.
While
August ranks in the middle among months based on share performance, it
has produced some of the worst returns of the year since 2009. During
the week ended August 12, 2011, the S&P 500 alternated between gains
and losses of at least 4 percent for four days, something never seen in
88 years of data compiled by Bloomberg. In 2013, the S&P 500 fell
3.1 percent in August, one of only two months of negative returns in a
year when the index surged 30 percent.
Source : Bloomberg
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