China Roils Markets for Second Day as Yuan Tumbles With Stocks
Yuan Tumble Tests China’s Free-Market Resolve
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The Standard & Poor’s 500 Index reversed a 1.5 percent decline as investors turned to U.S. shares after China’s shock currency devaluation spurred a global equity selloff. Gold rallied while the dollar retreated.
The S&P 500 ended the session little changed by 4 p.m. in New York, recovering after dipping below its average price for the past 200 days and briefly erasing its gain for the year. The rebound came too late for European stocks, which plunged 2.7 percent for the biggest one-day rout since October. While China’s yuan led a slide in Asian currencies, the yen and euro advanced. Gold climbed a fifth day amid a rebound in metals.