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U.S. Stocks Close Lower After Late-Day Rally

  • Dow pares slump of more than 560 points amid late recovery
  • Yen climbs to one-year high as Treasury yields fall below 2%
Bloomberg business news

What's Driving the Global Market Volatility?

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U.S. stocks fell as oil’s plunge beyond $27 a barrel sent global equities to near bear market territory, fueling demand for haven assets.

The Standard & Poor’s 500 Index ended Wednesday down 1.2 percent at a 21-month low, while the Dow Jones Industrial Average pulled back from its steepest intraday slump since August to shed 249 points by the close. American crude tumbled 6.7 percent to its lowest settlement since May 2003 after Royal Dutch Shell Plc predicted a drop in fourth-quarter profit amid the global oil glut. Ten-year Treasuries advanced for the fifth time in six sessions, as gold jumped more than 1 percent and Japan’s yen resumed its climb.