(Bloomberg) -- U.S. stocks dropped the most in more than a week amid a renewal of uncertainty over how quickly states can emerge from lockdowns. Oil rallied for a second day.The S&P 500 fell 0.6% in volatile trading, led by declines in utilities, energy ad industrial shares. On the week, the benchmark index closed up 1.9%. Stocks had rallied amid reports that China plans to accelerate purchases of American farm goods to comply with the phase one U.S. trade deal, only to have the gains erased after data show record levels of Covid 19 in Florida and Arizona. Investors were whipsawed by bouts of volatility as a welter of options expired in a quarterly event know as quadruple witching.“That’s a worrisome sign for markets,”said Matt Forester, chief investment officer of BNY Mellon’s Lockwood Advisors. “This is a continuation of the first wave, this is not a second wave.”In Europe, investors focused...
(Bloomberg) -- U.S. stocks swung between gains and losses in the last hour of trading after Arizona and Florida reported their biggest increases in new Covid-19 cases since the pandemic began and Apple said it would close some stores in those states. Oil turned positive after briefly dropping into the red.The S&P 500 fell as much as 1% before paring the drop, with declines posted by industrial, real estate and financial shares. On the week, the benchmark index is up about 2.4%. Stocks had rallied at the start of U.S. trading amid reports that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal boosted risk appetite. Still, with uncertainty over how quickly economies can emerge from lockdowns, and a welter of options set to expire in a quarterly event know as quadruple witching, investors are being whipsawed by bouts of volatility.“That’s a worrisome...
