A three-day rally in global equities faltered in the U.S.
American stocks failed
to add to their second-biggest advance of the year, as early gains
following Asian rallies faded amid jobs data that bolstered the case for
higher U.S. interest rates. Losses worsened in afternoon trading as
Apple Inc. slumped after unveiling new products.
Oil led a selloff in
commodities amid concerns that supply gluts will persist, while
Treasuries almost erased losses after strong demand at a government
auction. Asia stocks rallied, with Japan posting its biggest advance
since 2008, amid signs that governments in the region will be able to
stabilize financial markets. European equities capped a three-day
advance that was the longest since before China devalued its currency.
The Standard &
Poor’s 500 Index fell 1.4 percent to 1,942.20. at 4 p.m. in New York,
after earlier rising as much as 1 percent. The gauge rallied 2.5 percent
yesterday, second only in 2015 to a 4 percent jump on Aug. 26.
The Fed remains in
focus for equities investors before next week’s meeting, with odds
favoring an increase in interest rates by the end of the year.
Wide market swings and
rapid shifts in sentiment have become more prevalent since China’s
currency devaluation on Aug. 11 sparked concerns that a slowdown in the
world’s second-largest economy would spread. The S&P 500 yesterday
regained almost three-quarters of its 3.4 percent slide last week, which
was the second-biggest retreat since December behind the 5.8 percent
plunge it suffered in the five days through Aug. 21.
Source: Bloomberg
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