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Stocks Drop Most in Two Weeks; Treasuries Decline: Markets Wrap

Updated on
  • S&P 500 Index pulls back from highest level in three months
  • Investors wagering that recent equity rally was overdone
Equity market investors may come to realize that they were a little bit “too positive” at this point in time, according to Christian Nolting, global chief investment officer at Deutsche Bank Wealth Management.

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.