U.S.
stocks surged in the final minutes of trading, rebounding after the
biggest two-day rout in three months as financial and technology
companies paced a climb from equities’ lowest levels since October.
The
Standard & Poor’s 500 Index gained 0.8 percent to 2,021.21 at 4
p.m. in New York, during a session that saw the gauge erase an early 0.9
percent climb.
Investors
have wavered between optimism on the U.S. economy and concern that a
slowdown on China will spread. Worries about weakness in the world’s
second-largest economy were stoked in August by a surprise currency
devaluation, triggering the S&P 500’s first correction in four
years. The gauge rebounded as much as 13 percent from a summer low
through early November, before giving up 4.9 percent through last week.
The
equity benchmark has fallen 2.9 percent in December, bucking the
historical seasonal trend of gains, and is on track for its biggest
annual drop since the 2008 financial crisis. That puts even more
pressure on the so-called Santa Claus rally to save the year.
Historically, the final two-weeks of December deliver a gain of 1.7
percent.
Source: Bloomberg
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