S&P 500 Extends Slide From Its July Peak to 10%: Markets Wrap
- War fears drive crude oil higher as gold hits $2,000 an ounce
- The Israeli army is expanding ground activity in Gaza
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A rebound in stocks sputtered, with the S&P 500 extending a slide from its July peak to 10% — and entering a “correction.” Oil topped $85 and gold hit $2,000 amid the latest geopolitical developments.
Volatility resurfaced on news that Israeli forces are expanding activity in Gaza. The US stock benchmark saw its worst week in a month. The KBW Bank Index slid to the lowest since September 2020. Amazon.com Inc. and Intel Corp. rallied on earnings. Treasury two-year yields retreated as traders took a hot inflation measure in stride. The dollar fell.