U.S.
stocks fell, with the Standard & Poor’s 500 Index reaching at
21-month low, following a renewed selloff across stocks worldwide as
skepticism about the strength of the global economy intensified.
Equities
staged a late-day rally paced by health-care and small-cap shares that
briefly erased a drop of 3.7 percent in the Nasdaq Composite Index. The
Dow Jones Industrial Average and S&P 500 cut their worst losses by
more than half. Energy companies sank further into five-year lows, on
pace for their worst monthly slump since 2008 as oil plunged. Chevron
Corp. slid 3.1 percent. International Business Machines Corp. fell 4.9
percent after its earnings forecast missed projections.
The
Standard & Poor’s 500 Index fell 1.2 percent to 1,859.43 at 4 p.m.
in New York, closing at its lowest level since April 2014. The gauge
trimmed a slide of more than 3.6 percent.
Global
equities’ worst-ever start to a year deepened as oil continued its
collapse and a slowdown in China weighs on sentiment. Japanese shares
joined benchmark indexes in China and Europe in tumbling into a bear
market today. West Texas Intermediate crude futures slumped 6.7 percent
to near $26 a barrel.
Source : Bloomberg
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