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Stock Doomsayers Vindicated in Historic First Half: Markets Wrap

  • S&P 500 suffers its worst selloff for such a span since 1970
  • US consumer spending cools in sign economy on weaker footing
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WATCH: Vanguard CIO Greg Davis sees more opportunities in international equities over US stocks for the next decade.Source: Bloomberg
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The selloff in stocks deepened after weak consumer-spending data fueled worries about a recession, with the S&P 500 suffering its cruelest first half since Richard Nixon’s presidency.

It was a rout for the history books, with the equity gauge down about 21% in the first six months of the year -- the most for such a span since 1970. The superlatives kept piling up across Wall Street. Treasury 10-year yields sank to 3% from a decade-high of 3.5% in mid-June while the dollar had its best quarter since 2016.