Stocks Drop Most in Two Weeks; Treasuries Decline: Markets WrapBy and
S&P 500 Index pulls back from highest level in three months
Investors wagering that recent equity rally was overdone
Stocks slumped in the U.S. and Europe as concern the recent rally had gone too far overshadowed new stimulus measures and encouraging economic data.
The S&P 500 Index fell less than half a percentage point, still its biggest drop in two weeks, snapping a four-day winning streak. Treasury yields rose as weekly jobless claims fell. The Stoxx 600 stayed lower even as the European Central Bank moved to add 600 billion euros to its pandemic purchase program, more than expected.