U.S. Stocks Slip From 6-Week High as Recent Rally Leaders Falter

U.S. stocks declined from six-week highs, paced by banks as the recent rally’s strongest performers lost momentum while investors assessed global growth prospects amid renewed concern that China will remain a drag.

The Standard & Poor’s 500 Index fell 1.2 percent to 1,921.28 at 4 p.m. in New York, a day after surging 1.5 percent to the highest since Jan. 6.

Heading into Tuesday’s session, the S&P 500 had rallied 6.4 percent since reaching a 22-month low on Feb. 11, trimming its 2016 decline to less than 5 percent. Concern that weakness in China will damp global growth, and that lenders will suffer as some energy producers struggle to stay solvent amid low oil prices has weighed on equities this year. The main U.S. stocks benchmark is 9.8 percent below its all-time high reached last May.

Source: Bloomberg

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U.S. Stocks Slip From 6-Week High as Recent Rally Leaders Falter

U.S. stocks declined from six-week highs, paced by banks as the recent rally’s strongest performers lost momentum while investors assessed global growth prospects amid renewed concern that China will remain a drag.

Lenders, which have buttressed the latest rebound in equities, fell Tuesday with JPMorgan Chase & Co and Citigroup Inc. losing at least 3.3 percent. Freeport-McMoRan Inc. declined 8.6 percent and Chevron Corp. sank 3.1 percent as falling crude weighed on commodity shares. Apple Inc. and Microsoft Corp. fell more than 1.5 percent, dragging down the technology group.

The Standard & Poor’s 500 Index fell 0.9 percent to 1,927.61 at 12:47 p.m. in New York, after surging 1.5 percent Monday to the highest since Jan. 6. The Dow Jones Industrial Average slid 153.16 points, or 0.9 percent, to 16,467.50. The Nasdaq Composite Index lost 0.1 percent.

Source : Bloomberg

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