U.S. Stocks Sink With Debt as Market Turmoil Resumes; Oil Drops
- S&P 500 swings back to losses after best rebound in 2 months
- Asian index futures signal more declines as yen holds retreat
What Drove the S&P 500 to a Two-Month Low?
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U.S. stocks retreated with sovereign debt, while a plunge in crude oil spurred gains in the dollar as investors calibrated expectations toward prospects of less global monetary stimulus.
The S&P 500 Index fell to its lowest level since July 7 as Monday’s rebound was overwhelmed by declines in all 10 main industry groups. The CBOE Volatility Index surged 18 percent to the highest since June, while Apple Inc. was the only member of the Dow Jones Industrial Average to rise. Treasuries tumbled, propelling yields on 10-year notes to their highest point in almost three months. U.S. crude slid below $45 a barrel on speculation a glut will persist. Mexico’s peso led losses among emerging-market currencies.