China Reality Check Halts Stock Rally While Treasuries, Yen Rise
- S&P 500 ends five-day climb to fall first time in March
- U.S. crude slips from 2-month high on supply glut concern
China February Exports Fall 25.4%
Global stocks fell as data showing a slump in Chinese exports spurred losses among metals and brought a five-day equity rally to a halt. Treasuries, the yen and Japanese government bonds climbed amid demand for haven investments.
Banks and commodity producers led declines in the Standard & Poor’s 500 Index, while the Dow Jones Industrial Average retreated after failing to erase losses earlier in the day. Nickel drove a selloff in industrial metals and iron ore pulled back as Goldman Sachs Group Inc. predicted gains in commodity prices would falter. Advances in Japanese bonds that sent yields to record lows helped bolster Treasuries and European debt. The yen strengthened against all but one of its 31 major peers, while gold retreated.