Stocks Pare Losses at Close as Dip Buyers Emerge: Markets Wrap
- Yields fall the most in a month, dollar gains on haven demand
- S&P 500 Index declines the most since May; gold increases
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U.S. stocks fell the most in about four months amid a global rout sparked by investor angst over China’s real-estate sector and Federal Reserve tapering.
The S&P 500 pared losses in the last hour of trading to 1.7% as traders emerged to buy the dip again after the benchmark bounced off closely watched moving averages. The index was down as much as 2.9% at one point, the the biggest slide since October 2020. Treasuries gained along with the dollar before Wednesday’s Fed meeting, where policy makers are expected to start laying the groundwork for paring stimulus.