U.S. Stocks Slip as China Stimulus Boosts Commodities; Yen Jumps
- S&P 500 loses monthly gain even as oil tops $33 a barrel
- China cuts reserve-requirement ratio for local banks
Making the Most of an Extended Slow-Growth Cycle
U.S. stocks failed to hold onto a monthly gain after two weeks of advances, with the Standard & Poor’s 500 Index turning negative in afternoon trading. Fresh stimulus from China bolstered commodities and emerging-market assets, while the yen strengthened.
The S&P 500’s advance faltered amid trading volumes 15 percent below the 30-day average, as a rout in Endo International Plc dragged health-care shares lower, while oil and gas producers sank even as crude futures rallied. The U.S. equity benchmark fell for a third straight month in February. Brazil’s Ibovespa jumped 2.9 percent as China cutting reserve-requirement ratios for banks burnished optimism over the Asian economy’s prospects, boosting copper to oil. The yen capped its biggest monthly gain since 2008.