Stocks Decline as Virus Risk Rises; Oil Gains: Markets Wrap
- Volatility intensified as equity options expired; bonds gain
- China said to step up U.S. farm purchases after trade summit
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U.S. stocks dropped the most in more than a week amid a renewal of uncertainty over how quickly states can emerge from lockdowns. Oil rallied for a second day.
The S&P 500 fell 0.6% in volatile trading, led by declines in utilities, energy ad industrial shares. On the week, the benchmark index closed up 1.9%. Stocks had rallied amid reports that China plans to accelerate purchases of American farm goods to comply with the phase one U.S. trade deal, only to have the gains erased after data show record levels of Covid 19 in Florida and Arizona. Investors were whipsawed by bouts of volatility as a welter of options expired in a quarterly event know as quadruple witching.