U.S. stocks fell, with
the Standard & Poor’s 500 Index on track for the steepest loss in
four weeks, amid simmering concerns that weakness in global growth will
deepen.
Banks paced the
retreat, sinking along with Treasury yields as bonds rallied on haven
demand. Bank of America Corp. slid 1.9 percent. Health-care companies
fell for the first time in three days, dragged lower by Allergan Plc’s
16 percent tumble after the government took steps to limit so-called
inversion deals, threatening its merger with Pfizer Inc.
The S&P 500
dropped 0.8 percent to 2,050.41 at 12:10 p.m. in New York, paring its
gain this year to 0.3 percent after rising to a 2016 high on Friday. The
Dow Jones Industrial Average fell 82.93 points, or 0.5 percent, to
17,654.07. The Nasdaq Composite Index lost 0.7 percent. Trading volume
in S&P 500 shares rose from its recent torpor, up 13 percent from
the 30-day average for this time of day.
The rally that lifted
the S&P 500 as much as 13 percent from a 22-month low in February
has started to lose momentum, as investors assess whether central banks
can fend off weakness in the global economy. Worries that a slowdown in
China would spread, intensified by tumbling crude prices, had sent
stocks to their worst-ever start to a year. Stabilizing oil and signals
that policy makers would continue efforts to boost growth helped support
the late-quarter comeback in equities.
Source: Bloomberg
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