U.S. Stocks Stumble as Growth Anxiety Returns; Dollar, Oil Climb
- Private payrolls data trails estimates while services expand
- Turkish lira sinks amid concern political risk is returning
Negative Interest Rates and the Global Financial System
U.S. stocks slid to a three-week low as concern that global growth remains tepid sent equities lower from Europe to developing nations. Oil traded near $44 a barrel, while the dollar strengthened for a second day after falling to its lowest point in almost a year.
The S&P 500 Index fell for the fourth time in five days, with industrial shares slipping more than 1 percent as a rebound from lows reached in February faltered. Emerging-market equities sank, while the dollar rallied amid speculation on the timing of higher interest rates in the U.S. The Turkish lira plunged with the country’s prime minister said to plan to take the ruling party to an extraordinary congress, intensifying a power struggle within the government. U.S. oil erased declines in a late-in-the-day advance.