U.S. stocks closed lower for a fifth day, as an afternoon rally from the lowest levels for the S&P 500 since May fell short of pushing benchmark indexes back into positive territory. Treasury yields declined and crude oil tumbled.
The S&P 500 pared to 0.6 percent a loss that took it below 2,700 for the first time since July, while the Nasdaq Composite Index flirted with a correction before paring losses. Defensive sectors from consumer staples to real-estate firms recovered. Verizon and McDonald’s advanced on solid results, while Netflix led gains in tech shares.