U.S.
stocks declined from six-week highs, paced by banks as the recent
rally’s strongest performers lost momentum while investors assessed
global growth prospects amid renewed concern that China will remain a
drag.
The
Standard & Poor’s 500 Index fell 1.2 percent to 1,921.28 at 4 p.m.
in New York, a day after surging 1.5 percent to the highest since Jan.
6.
Heading
into Tuesday’s session, the S&P 500 had rallied 6.4 percent since
reaching a 22-month low on Feb. 11, trimming its 2016 decline to less
than 5 percent. Concern that weakness in China will damp global growth,
and that lenders will suffer as some energy producers struggle to stay
solvent amid low oil prices has weighed on equities this year. The main
U.S. stocks benchmark is 9.8 percent below its all-time high reached
last May.
Source: Bloomberg
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