A
midafternoon rally in U.S. stocks faded as encouragement from Federal
Reserve minutes proved fleeting and investors refocused on China and the
global economy.
Stocks
briefly trimmed losses as Fed minutes showed policy makers judged
conditions for higher rates haven’t been met yet. While that reduced
speculation the central bank will raise rates at its next gathering,
China’s shock devaluation continued to roil emerging-market assets and
threatened to slow global growth amid a rout in commodities.
The
Standard & Poor’s 500 Index fell 0.8 percent to 2,079.61 at 4 p.m.
in New York, hovering above its average price for the past 200 days. The
gauge nearly erased all of its losses after the minutes were released,
before it resumed a slide. The Dow Jones Industrial Average lost 162.61
points, or 0.9 percent, to 17,348.73.
Caterpillar
Inc. and Freeport-McMoRan Inc. paced declines as raw-material and
industrial shares slumped more than 1 percent as a group. Energy shares
tumbled the most since January as an unexpected increase in U.S. crude
stockpiles sent oil prices deeper into a bear market.
Source : Bloomberg
0 komentar :
Post a Comment