U.S.
stocks fell the most in six weeks as a rout in commodities pressured
energy and raw-materials providers while investors braced for the first
rise in interest rates since 2006.
Chevron
Corp. dropped 2.5 percent and miner Freeport-McMoRan Inc. sank 5.8
percent as the stronger dollar and a persistent slump in demand from
China sent the Bloomberg Commodity Index to the lowest since 1999. The
recent weakness in commodity shares is a turnabout after energy and
raw-materials helped drive a rebound from a summer correction and in
October had their strongest month in four years.
The
Standard & Poor’s 500 Index fell 1.4 percent to 2,046.01 at 4 p.m.
in New York, slipping below its average price during the past 200 days
for the first time in two weeks. The U.S. equity benchmark has struggled
to hold gains after rallying to within 1 percent of a record on Nov. 3.
Source : Bloomberg
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