The S&P 500 sank 1.5 percent to 1,935.09 at 4 p.m. in New York, the lowest level since Aug. 12. Today’s slide was the biggest in almost three weeks. Selling accelerated in afternoon trading as index futures contracts expiring in December slipped below 1,940, a level where two previous declines had ended earlier today.
U.S. stock-index futures declined, with the Standard & Poor’s 500 Index (CME:SPZ14) poised to drop a second day, amid further signs of slowing growth in Europe and as investors await corporate earnings reports to assess the strength of the American economy.
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a fifth straight day, as exports from China topped forecasts and corporate acquisitions fueled optimism in the world’s largest economy.
Treasury 10-year notes advanced, while commodities retreated and U.S. stocks fluctuated, after President Barack Obama held his ground about raising tax rates for the highest-income Americans. The dollar weakened.