Global Stocks Slide Into Bear Market Amid Oil Rout as Yen Jumps
- S&P 500 extends 2016 slide beyond 10% as bank selloff persists
- WTI crude bounces off of 12-year low on OPEC speculation
Citigroup's Lee: U.S. Recession Fear Is 'Ridiculous'
World equities descended into a bear market, as an afternoon comeback in U.S. shares failed to erase losses that sent the Standard & Poor’s 500 Index to its lowest level since 2014. Oil pared declines after sliding to a 12-year low, while the yen climbed.
The S&P 500 ended Thursday down 1.2 percent as declines that sent Europe’s benchmark to its lowest point since 2013 combined to send the MSCI All-Country World Index down 20 percent from a record reached in May, the common definition of a bear market. Japan’s currency capped a fourth rising day, trading at its strongest level since November 2014, while 10-year Treasury yields dropped to 1.66 percent. U.S. crude clawed back some gains in electronic trading after settling down 4.5 percent at its lowest level since 2003.