U.S.
stocks fell, with raw-material shares dragged lower as commodities
retreated, a selloff in biotechnology shares deepened and Volkswagen
AG’s diesel-emissions cheating scandal continued to rattle global auto
stocks.
The
Standard & Poor’s 500 Index lost 1.2 percent to 1,942.62 at 4 p.m.
in New York, trimming a decline in the final hour after falling as much
as 1.9 percent. It’s the third drop in four days, sending the gauge to a
two-week low. A gauge of volatility posted its biggest gain in a month.
Equities
got a boost Monday after a quartet of Fed officials talked up prospects
for higher interest rates in 2015, just days after the central bank
jolted investors by citing global market turmoil and a slowdown in China
as reasons for standing pat. Their remarks suggested continued
improvement in the domestic economy may overshadow concerns about global
conditions.
The
central bank’s bid for greater transparency about its criteria for a
rate increase has left markets twitching with every economic report amid
an expanding Fed checklist and conflicting U.S. data. Fed Chair Yellen
said last week that policy makers would scrutinize slowing growth in
China and emerging markets for risks that could spill over to the U.S.
Meanwhile,
the market remains unconvinced a liftoff will take place this year
after the Fed’s decision and its dovish statement. Traders are pricing
in a roughly 41 percent probability of a rate increase by the Federal
Open Market Committee’s December meeting, compared with 64 percent on
Sept. 16 before the policy decision.
Source : Bloomberg
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