S&P 500 Drops Below Key Level in Late-Day Slide: Markets Wrap
- Financials sink after Fitch warning, Discover CEO resigns
- S&P 500 falls below 50-DMA for first time since March
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The drop in US stocks deepened in the final hour of Tuesday trading amid signs the Federal Reserve’s fight with inflation was not yet done. Shorter-dated US bonds gained as investors bought the dip.
The S&P 500 Index’s 1.2% drop sent the equities gauge below its average price over the last 50 days for the first time in more than three months, halting a streak of momentum that was by this measure the longest since September 2020.