U.S. Stocks Stagger to Lowest Close Since April: Markets Wrap
- Treasuries, yen rise; Johnson & Johnson plunges; pound drops
- Crude falls, dollar climbs; euro weakens after lackluster PMI
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U.S. stocks closed at their lowest level since April, with Treasuries rising alongside the yen, as mounting concern over the health of the global economy overshadowed positive trade developments and signs of strength from the American consumer.
The S&P 500 Index tumbled 1.9 percent Friday, after testing February lows, erasing the week’s gains. Health-care and technology stocks were among the biggest decliners. The Dow Jones Industrial Average sank almost 500 points, led by Johnson & Johnson’s biggest rout in years amid mounting legal peril. Retailers retreated even after monthly data indicated U.S. consumers are still spending. Oil and gold fell.