Stocks Fall From Records as Rate Bets Boost Dollar: Markets Wrap
- S&P 500 falls most since Dec. 28 as bank shares retreat
- Oil slumps below $53, gold tumbles and yields advance
Why Are Global Stocks Soaring After Trump's Speech?
U.S. stocks capped the worst day since January as the bullish tone on global financial markets evaporated amid speculation the torrid run that’s taken stocks to near-daily all-time highs has gone too far. The dollar bucked the trend as bets increased that the Federal Reserve will raise rates in two weeks.
The S&P 500’s 0.6 percent slide was the biggest since Jan. 30 and comes after a 1.4 percent surge that was its best run of the year. Banks led declines after reaching the highest level since 2007. The Dow Jones Industrial Average capped only its second retreat in 15 days after topping 21,000 for the first time. Gold fell and silver sank as inflation showed signs of accelerating, while Treasury yield rose back toward 2.5 percent. Dollar bulls remained active, sending the greenback to its longest winning streak since May.