Stock Rally Fizzles as Traders Waver After Euphoria; Oil Tumbles
- Oil sinks as Saudis said to see Algiers talks as consultation
- Fed seeks aggressive limit on Wall Street commodity holdings
Global Stock Rally Fades, Dollar Rebounds
The rally in global equities sputtered as traders grew more skeptical about the efficacy of central bank stimulus amid mixed economic data. Oil tumbled.
Stocks halted a four-day advance as Apple Inc. dragged down the S&P 500 Index on speculation of lower iPhone 7 sales outside the U.S. Oil sank after Saudi Arabia was said to dismiss the prospects for an output deal to stabilize the market in talks next week. Longer-dated Treasuries posted their best week since July as markets readjusted their view to a slower pace of rate hikes by the Federal Reserve. The dollar rose against major peers, while the pound slid as British foreign secretary Boris Johnson boosted concern that the U.K. is heading for a swift exit from the European Union.