U.S. stocks fluctuated and crude traded near a 12-year low as the calming effects of China’s attempts to shore up financial markets faded. Treasuries headed for the biggest weekly advance in a month and the U.S. dollar strengthened.

Global shares retreated for a fifth day, as oil briefly fell below $33 a barrel in New York. Energy producers led declines among U.S. equities, which are mired in the worst start to a year on record. European stocks capped the worst week in more than four years even as Chinese authorities moved to stabilize the yuan and quell turmoil in financial markets.

Volatility in Chinese markets spurred a global selloff in riskier assets as concern deepened over the ruling Communist Party’s ability to manage an economic slowdown. U.S. payroll growth surged in December, capping the second-best year for American workers since 1999. While that was further evidence of a resilient job market that prompted the Federal Reserve to raise interest rates, wages grew slower than forecast, adding to disinflation concerns stoked by plunging commodities prices.

The Standard & Poor’s 500 Index rose 0.3 percent at 12:22 p.m. in New York, after earlier sliding as much as 0.5 percent. The gauge ended the first four days of 2016 lower by 4.9 percent, its worst start in data going back to 1928.

Source: Bloomberg