U.S. Stocks Fall on Commodities Selloff
- Tech stocks drive S&P 500 to lowest close since Nov. 13
- Oil rally evaporates as U.S. crude nears $37 a barrel
Turmoil in the Mining Industry: Anglo Scraps Dividend
U.S. stocks sank to their lowest level almost in four weeks amid a rout in technology shares and as the selloff in oil resumed amid concern that slowing global growth will exacerbate supply gluts in commodities.
Tech companies, the market’s best-performing sector over the past two months, bore the brunt of Wednesday’s decline, which pushed the Standard & Poor’s 500 Index to its lowest closing level since Nov. 13. U.S. crude erased earlier gains, extending losses at a six-year low. The Bloomberg Dollar Spot Index sank as investors started counting down to next week’s Federal Reserve meeting. New Zealand’s currency rallied after the central bank cut interest rates, but said it expects to achieve its inflation goal at current rate levels.