S&P 500 Corrects, Oil Routed as Selloff in Risk Assets Deepens
- China growth concerns torpedo emerging equities, commodities
- S&P 500 sinks 7% in worst two-day slide since December 2008
El-Erian: This Is Not 1998 or 2008
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American stocks provided no refuge from the rout in all but the safest of global assets, as the Standard & Poor’s 500 Index sank into a correction.
The S&P 500 plunged 3.9 percent in a seesaw session that saw the gauge erase more than four-fifths of a 5 percent slide before it succumbed in afternoon trading. The index finished 11 percent below its May high, meeting the definition of a correction for the first time since 2011.