U.S. Stocks Slide With Global Equities as Nasdaq 100 Pares Drop

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U.S. stocks fell, with Dow Jones Industrial Average tumbling more than 250 points, amid mounting concern that central-bank efforts to support growth are losing their potency.

The Standard & Poor’s 500 Index pared losses in the last hour-and-a-half of trading, after earlier falling as much as 2.3 percent, while the Nasdaq 100 Index erased most of its decline. Banks led the retreat, with Citigroup Inc. and Bank of America Corp. falling more than 6.5 percent. Boeing Co. tumbled 6.8 percent after people familiar with the matter said regulators are probing its accounting.

The S&P 500 dropped 1.2 percent to 1,829.06 at 4 p.m. in New York, extending declines to a fifth day, its longest losing streak since September. The benchmark fell to around the 1,810 level before rebounding. The Dow Jones Industrial Average lost 255.17 points, or 1.6 percent, to 15,659.57, as Boeing’s plunge knocked 54 points off the index.

Signals by central banks from Europe to Japan that additional stimulus is at the ready are failing to ease worries that global growth will keep slowing. An initial rally in U.S. stocks evaporated in the final hour of trading on Wednesday as speculation that the Federal Reserve will hold off longer on raising interest rates gave way to renewed concern over the strength of the U.S. economy. Fed Chair Janet Yellen told Congress yesterday that recent market turbulence may weigh on the outlook for the economy if it persists.

The S&P 500 is 14 percent below its all-time high set in May, near its lowest level in two years. The Nasdaq Composite Index is about 18 percent below its record set in July amid a more than 15 percent drop so far this year.

Source: Bloomberg

European Stocks Slammed to Lowest Since 2013 as Fear Selling Returns

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European stocks were sold off sharply on Thursday, tracking a wider stock-market exodus, as investors once again fretted over global economic growth and the rout in oil prices.

The Stoxx Europe 600 index slumped 3.7% to 303.58, marking its lowest close since September 2013.

Crude-oil prices slid below $27 a barrel during Thursday’s session, but had pared losses to trade down 0.9% at $27.16 at the time of the European market close.

Source: MarketWatch

Gold Rallies in Longest Run Since 2011 as Equities, Dollar Slip

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Gold for immediate delivery rebounded, heading for the longest rally in more than four years, as reeling equity markets and a declining dollar boosted demand for the metal as an alternative asset.

U.S. stocks declined, with the Standard & Poor’s 500 Index near the lowest since April 2014, as energy shares extended losses. The dollar fell for a second straight day against a basket of 10 currencies. Bullion, which topped $1,200 an ounce on Monday for the first time since June, was down as much as 0.3 percent earlier after Goldman Sachs Group Inc. predicted recent gains won’t last.

Gold has climbed 12 percent in 2016 in its best start since 1980, as mounting concerns over global economic growth boost demand for haven assets and spur speculation that the Federal Reserve will hold off on raising U.S. interest rates this year. Fed Chair Janet Yellen is scheduled to appear before the U.S. House Financial Services Committee on Wednesday, and will address the Senate Banking Committee the next day.

Gold for immediate delivery climbed 0.2 percent to $1,191.43 an ounce at 2:50 p.m. in New York. The metal headed for an eighth straight gain, the longest rally since July 2011. Gold futures for April delivery gained 0.1 percent to settle at $1,198.60 on the Comex in New York, a fifth straight gain.

Source: Bloomberg

Brent Oil Falls Most in 5 Months on Glut as Volatility Surges

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Crude tumbled the most in five months in London as price volatility climbed to a seven-year high and Goldman Sachs Group Inc. warned of wider swings to come.

Brent futures fell 7.8 percent as global equities neared a bear market. Volatility is set to “spike” as prices seek an equilibrium, which could drag oil below $20 a barrel, Goldman Sachs said. The CBOE Crude Oil Volatility Index, which measures expectations of price swings, rose as high as 73.52, almost the highest since 2009. The world oil surplus will be bigger in the first half of this year than previously estimated, according to the International Energy Agency.

Oil is down about 25 percent in New York this year on speculation a global glut will persist amid the outlook for increased exports from Iran after the removal of sanctions and brimming U.S. crude supplies. Futures dropped to a 12-year low of $26.19 in January. U.S. crude inventories rose above 500 million barrels to the highest since 1930 in the week ended Jan. 29.

Brent for April settlement dropped $2.56 to $30.32 a barrel on the London-based ICE Futures Europe exchange. It was the biggest decline since Sept. 1. The European benchmark crude closed at a 58-cent premium to West Texas Intermediate oil for April delivery.

WTI for March delivery slipped $1.75 to settle at $27.94 a barrel on the New York Mercantile Exchange. It was the lowest close since Jan. 20. Total volume traded was 58 percent higher than the 100-day average.

Source : Bloomberg