U.S. stocks fell, with the Standard & Poor’s 500 Index extending its steepest weekly drop since March, as Greece scrambled to avoid a cash crunch and energy shares tumbled with the price of oil.
The S&P 500 slipped 0.4 percent to 2,068.79 at 4 p.m. in New York, after earlier erasing a 0.9 percent drop. The gauge lost 1.2 percent last week.
Chinaâ€™s stocks rose, erasing a weekly loss, amid speculation the government is taking steps to prevent a cash crunch before initial public offerings next week.
The Shanghai Composite Index rose 1.4 percent to 2,486.79 at the close, the most since Nov. 10. Hong Kongâ€™s Hang Seng China Enterprises Index halted five days of losses, adding 0.7 percent at 3:36 p.m. The Peopleâ€™s Bank of China is offering 50 billion yuan ($ 8.17 billion) of short-term funds to ease a shortage of cash in the financial system, according to Market News International.
The CSI 300 Index surged 1.8 percent, led by financial shares. The Hang Seng Index gained 0.5 percent, led by casino operators and PetroChina Co. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, retreated 0.2 percent in New York yesterday.
The Shanghai Composite has rallied 18 percent this year as funds flowed into Chinese equities ahead of an exchange link with Hong Kong, which started Nov. 17. The program will allow a net 23.5 billion yuan of daily cross-border purchases.
Source : Bloomberg