S&P 500 Climbs 1% After Wall Street’s Wild Rout: Markets Wrap
- Goldman says buying S&P after 5% drop is usually profitable
- US Treasuries slip as waning haven bid smooths auction result
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A renewed wave of dip buying spurred a rebound in stocks after a roughly $6.5 trillion selloff that shook markets around the globe.
All major groups in the S&P 500 rose, with the gauge climbing 1% as buyers scooped up bargains after a plunge that sent the market to “oversold” territory. Buying shares after a slump of the scale witnessed over the past month has usually been profitable, according to Goldman Sachs Group Inc. strategists. Since 1980, the US benchmark has generated a median return of 6% in the three months that followed a 5% decline from a recent high.