U.S. stocks staged an afternoon comeback in a bid to rebound from their worst start to a year since 2001 after China intervened to stabilize its financial markets. The euro slumped to its lowest point in a month and American oil slid below $36 a barrel.
The Standard & Poor’s 500 Index erased an earlier decline to end Tuesday up 0.2 percent as telephone companies and utilities rallied. Apple Inc., the world’s most valuable company, fell to its lowest level since October on a report that it may reduce production of an iPhone model. Emerging-market shares meandered after Monday’s slump, while signs of disinflation in Europe sent the euro lower versus the dollar for a fourth day.