U.S. stocks fluctuated, as oil and raw materials resumed a slump following efforts by China to shore up its currency. Treasuries gained, reversing earlier losses.
Oil, copper and corn all fell, as the rout in commodities deepened amid continued worries the expansion of the global economy will falter. China stepped up its defense of the yuan on Tuesday, with the People’s Bank of China repeatedly intervening in the offshore market on Tuesday, according to people familiar with the matter. Concern that turmoil in the nation’s stocks and currency would spread had helped spur declines in financial markets this year, pushing equities worldwide lower.
The S&P 500 rose 0.1 percent at 12:29 p.m. New York time, after jumping as much as 1.2 percent. The main U.S. equity benchmark’s tumble to start 2016 has left it 9.1 percent below its all-time high set in May. It is 3.7 percent above the bottom of an August swoon, which was also sparked by anxiety over the impact of China’s weakness on worldwide growth.