U.S. Stocks Cap Worst Week Since '11 as Oil Drops to 12-Year Low
- S&P 500 extends losses in final hour of trading as banks fall
- Treasuries gain most this week since October amid haven demand
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U.S. stocks capped the worst week since September 2011 and crude tumbled to a 12-year low as the effects of China’s attempts to shore up financial markets faded. Treasuries posted the biggest weekly advance since October.
The Standard & Poor’s 500 Index extended losses in the final hour of trading, with financial and health-care companies leading declines. Energy shares in the gauge have fallen to the lowest level in more than five years, as oil resumed a slump to below $33 a barrel. Global equities also slid this week by the most in more than four years, even as Chinese authorities moved to stabilize the yuan and quell turmoil in financial markets.