S&P 500 Stages Rebound After $5 Trillion Plunge: Markets Wrap
- Gold breaks through $3,000 as Trump turbocharges record rally
- German bonds slide as leaders agree on debt package deal
A bounce in stocks calmed nerves among equity investors, but the fallout from Donald Trump’s political maneuvering continued to shake global markets and rattle US consumers. Yields on German bonds surged as government leaders agreed on a massive defense spending package, while the ultimate haven asset — gold — topped $3,000 for the first time.
The S&P 500’s 2.1% advance was the biggest since the aftermath of the November presidential election. Not even data showing a slide in consumer confidence prevented the market rebound, following a selloff that culminated in a 10% plunge of the US equity benchmark from its peak. As the safety bid waned, Treasuries joined their German counterparts lower. Bullion erased gains after climbing as much as 0.5% to $3,004.94 an ounce.