(Bloomberg) -- U.S. stocks tumbled the most in a month as the torrid surge in equities came to a screeching halt amid economic jitters. Treasuries rose.
The S&P 500 slumped 2.6% as it careened toward a third day of losses following one of the fastest rallies on record. More than 480 shares in the benchmark gauge retreated. Airlines, cruise operators and travel companies that surged in recent weeks bore the brunt of the selling. Energy, financial and industrial shares led declines on Thursday.
While much of the equity selling owed to the frantic pace of the recent rally, sentiment did sour as signs mounted that a possible second wave of the pandemic could be taking hold in some states. U.S. jobless claims remained high, underscoring the longer-term challenges caused by the pandemic. The report came out a day after the Federal Reserve provided a dour outlook for the economy.
“There’s just this enormous uncertainty,” Lauren Goodwin, economist and multi-asset portfolio strategist at New York Life Investments. “On balance, markets saw the Fed say we’re still worried. That message is still a pretty grim message for investors.”
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https://news.google.com/__i/rss/rd/articles/CBMiUWh0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vbmV3cy9hc2lhLXN0b2Nrcy1zbGlwLWRvbGxhci1kZWNsaW5lcy0yMTM0MTM0OTEuaHRtbNIBWWh0dHBzOi8vY2EuZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL2FzaWEtc3RvY2tzLXNsaXAtZG9sbGFyLWRlY2xpbmVzLTIxMzQxMzQ5MS5odG1s?oc=5
2020-06-11 12:37:00Z
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