S&P 500 Turns Lower in Final 30 Minutes of Trading: Markets Wrap
- Stocks retreat amid quarter-end positioning, relabancing
- American shares are on course for a five-month winning streak
This article is for subscribers only.
Stocks wiped out gains in the final 30 minutes of Wall Street trading, with investors rebalancing their portfolios after a rally that’s already topped $4 trillion this year.
Equities finished lower for a third straight day, following a buying frenzy that saw the S&P 500 climb almost 10% in just three months. With the equity outperformance, pensions would need to sell roughly $22 billion in global stocks and buy $17 billion of fixed income in order to return to prior asset allocation levels, according to a recent estimate from Morgan Stanley.