U.S. Stocks Recover After Testing Lows Amid Oil Slump; Yen Falls
- S&P 500 ends Tuesday trading up 0.1% as utilities rally
- WTI oil tumbles back toward $28 a barrel as IEA cuts outlook
Fed Rate Cut Coming on Oil, Inflation: Komal Sri-Kumar
U.S. equities erased losses that brought them to the brink of lows not seen since last August’s selloff, with gains in consumer and utility shares outweighing losses among commodity stocks as oil resumed its tumble. Haven assets retreated.
The Standard & Poor’s 500 Index ended Tuesday up 0.1 percent, while the Dow Jones Industrial Average added 28 points as the U.S. struggled to emulate gains in Europe and Asia that helped a gauge of global stocks rally from a 2 1/2-year low. While Brent crude rebounded, U.S. oil capped a 3.3 percent decline from Friday’s close, hovering just above $28 a barrel as the International Energy Agency fueled concern over the global glut. Copper led a rally in metals, while 10-year Treasury yields rose two basis points to 2.06 percent. The yen, regarded as a haven investment, declined with gold prices.