Stocks Pare Losses as Tech Rally Tempers Bank Rout: Markets Wrap
- Global lenders plunge with suspect flows under scrutiny
- Stimulus prospects darken with partisan strains over Court
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Stocks pared losses as a rebound in some tech giants tempered concern over cloudy prospects for economic stimulus and a report about suspicious transactions at global banks. Bonds and the dollar rose.
After approaching the threshold that many investors consider to be a market correction, the S&P 500 came off session lows as the Nasdaq 100 climbed. Commodity and industrial shares still led the benchmark gauge to its lowest in almost two months. JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. slumped more than 2%. Carnival Corp. and American Airlines Group Inc. paced losses in travel companies on worries that an increase in coronavirus cases could prompt further lockdown measures.