U.S. stocks slipped after erasing gains in the last 90 minutes of trading, while anxiety eased over China’s shock currency devaluation leaving investors focused on economic data and the pace of any Federal Reserve interest-rate increases.
The Standard & Poor 500 Index wobbled between gains and losses after yesterday staging its biggest intraday recovery in three years, as technical levels held up amid China’s roiling of global markets. Stocks held Thursday in the tightest trading range since 1927 as labor and sales data bolstered the case for higher interest rates as soon as next month.
The S&P 500 slipped 0.1 percent to 2,083.46 at 4 p.m. in New York, after ranging between a 0.3 percent gain and falling as much as 0.4 percent.
The S&P 500 yesterday erased a 1.5 percent loss sparked by concerns China economy is faltering, reversing after it fell below 2,050. That’s toward the bottom end of a range its been stuck in all year, with the top being its May 21 record of 2,130. The gauge has advanced 1.2 percent in 2015, never closing more than 3.5 percent above or below where it started the year.
Source : Bloomberg