Stocks Fall Most Since August on Weak Factory Data: Markets Wrap
- Oil touches lowest in almost a month on economic outlook
- Gold, Japanese yen gain as investors pile into havens
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Stocks slid and Treasuries rose after a gauge of U.S. manufacturing posted the weakest reading since the end of the last recession, fueling fears of an impending global slowdown and boosting haven assets.
The S&P 500 fell the most in five weeks and pushed through a key support level after the Institute for Supply Management’s factory index slipped to the lowest since June 2009. Banks led the decline as rates moved lower, followed by industrial companies. The 10-year Treasury yield tumbled to 1.64% and the dollar weakened against major peers. Gold and the Japanese yen advanced.