European Stocks Climb With U.S. Futures, Oil as Treasuries Drop
- S&P 500 erases 2.9% gain, yen pares loss as swings accelerate
- China rate-cut optimism cedes to apprehension in final hours
El-Erian: Today's Late-Day Selloff Is Worrisome
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Volatility continued to jolt financial markets after a rebound that took the Standard & Poor’s 500 Index up 2.9 percent melted away in the final hours of trading. The dollar pared gains while Treasuries trimmed losses.
The S&P 500 Index ended Tuesday down 1.4 percent as traders said trepidation over how China’s market will react to policy easing made holding on to stocks too risky for most investors. Before the rally disappeared, it appeared the appetite for risk in markets was returning following a selloff that erased $2.7 trillion from the value of global equities in a few days.