Stocks Drop a Second Day With Spending in Focus: Markets Wrap
- Financial shares rebound after Archegos Capital implosion
- Dollar strengthens for a second day versus most major peers
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Stocks fell for a second day and Treasury yields touched a 14-month high as traders weighed the consequences of more stimulus from the Biden administration.
The utilities, information technology and consumer staples sectors pushed the benchmark S&P 500 lower, though financial shares recovered from Monday’s slide in the wake of the implosion of Archegos Capital Management. Apple Inc. led the Nasdaq Composite into negative territory. The dollar strengthened for a second day and gold slipped below $1,700 per troy ounce. Oil halted a two-day rally before the April 1 meeting of OPEC and its allies.