The
burst of bullishness that lifted U.S. stocks on Wednesday evaporated,
with the Standard & Poor’s 500 Index posting the steepest selloff in
six weeks amid renewed skepticism over global growth.
The
Dow Jones Industrial Average dropped more than 230 points at its worst
levels, while banks in the S&P 500 fell the most since February,
pacing declines amid falling bond yields as investors sought havens. A
measure of volatility spiked the most since January, with today’s
selloff echoing action that started the year when lenders were also
especially hard hit on flaring growth concerns.
The
S&P 500 fell 1.2 percent to 2,041.97 at 4 p.m. in New York,
alternating for a third day between gains and losses of at least 1
percent.
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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