U.S. Stocks Pare Monthly Gain as Banks, Crude Slip: Markets Wrap
- S&P 500 adds more than 1% in May; lenders decline 1.5%
- Dollar caps third straight monthly decline, at November low
U.K. Conservatives May Lose Majority in Vote: Poll
This article is for subscribers only.
U.S. stocks trimmed a monthly advance as a decline in trading revenue at JPMorgan Chase & Co. sent bank shares into a tailspin. Treasuries rose, while the dollar and oil retreated.
The S&P 500 Index all but erased losses in the final hour of trading to finish May higher by 1.2 percent. Lenders slumped Wednesday after JPMorgan said the revenue metric is down 15 percent so far in the second quarter. Banks have been under pressure as 10-year Treasury yields slumped to 2.20 percent. Bloomberg’s dollar index retreated to cap a third straight monthly loss. Crude extended losses amid doubts prolonged output cuts will clear a global surplus. Gold climbed.