Oil Slump Sparks Stock Losses as S&P 500 Wipes Out August Gains
- U.S. crude stockpiles rose more than analysts had projected
- Most Asian index futures drop while yen losses lift Japan’s
Is There More Pain Ahead for U.S. Stocks?
A selloff in oil sent stocks lower, with the S&P 500 Index erasing its August advance, while the dollar maintained gains as traders awaited U.S. jobs data amid ongoing speculation over the outlook for interest rates in the world’s largest economy.
Energy share sled declines as New York-traded crude fell below $45 a barrel on data showing U.S. stockpiles climbed more than analysts had projected last week. The S&P 500 ended the month down 0.1 percent, ending its longest run of gains in two years as it failed to budge more than 1 percent in either direction for a 38th day. The yen extended losses against the greenback, while Brazil’s real rose as President Dilma Rousseff was impeached, fueling optimism over an economy that is suffering its deepest recession in a century.