The burst of
bullishness that lifted U.S. stocks on Wednesday faded, with the
Standard & Poor’s 500 Index sliding for a third time in four days
amid renewed skepticism over global growth.
Equities backtracked
as they struggled to build on 2016 highs reached last week, with
investors awaiting clearer signals on the economic outlook and course
for interest rates. Banks in the benchmark paced Thursday’s declines
amid falling bond yields, with the group at the lowest level in more
than a month.
The S&P 500 fell
1.1 percent to 2,044.12 at 12:25 p.m. in New York, after rising the most
in more than three weeks yesterday to erase a 1 percent drop in the
prior session. The Dow Jones Industrial Average sank 175.15 points, or 1
percent, to 17,540.90. The Nasdaq Composite Index lost 1.2 percent
after a 1.6 percent surge Wednesday. Trading volume in S&P 500
shares was 8 percent below the 30-day average for this time of day.
Stocks have made
little progress since snapping a five-week winning streak last month
that erased losses from the worst-ever start to a year. The S&P 500
has traded in a 35-point range since the Fed’s March 16 meeting,
remaining within 1 percent of the 2,050 level over the past three weeks,
as sentiment has lurched from optimism that central-bank policies will
buttress global growth to worry their efforts may not be potent enough
to fend off a slowdown.
Source: Bloomberg
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