Stocks Retreat on Growth Concern as Dollar, Treasuries Advance
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Stocks fell, dragging the MSCI All-Country World Index to its biggest quarterly loss since 2008, while the U.S. dollar strengthened as declines in Chinese manufacturing and German retail sales signaled global growth is slowing. Treasuries rose, and oil retreated.
The MSCI All-Country World Index slid 2.3 percent at 4 p.m. New York time, extending its decline since June 30 to 18 percent. The Standard & Poor’s 500 Index slumped 2.5 percent. The Stoxx Europe 600 Index fell 1.2 percent. The dollar gained against its 16 major peers, including a 1.3 percent advance versus the euro. Treasury 10-year notes snapped a five-day drop, extending their biggest quarterly increase since the depths of the financial crisis in 2008. Oil lost 3.6 percent.