U.S. stocks surged in the final minutes of trading, rebounding after the biggest two-day rout in three months as financial and technology companies paced a climb from equities’ lowest levels since October.
The Standard & Poor’s 500 Index gained 0.8 percent to 2,021.21 at 4 p.m. in New York, during a session that saw the gauge erase an early 0.9 percent climb.
Investors have wavered between optimism on the U.S. economy and concern that a slowdown on China will spread. Worries about weakness in the world’s second-largest economy were stoked in August by a surprise currency devaluation, triggering the S&P 500’s first correction in four years. The gauge rebounded as much as 13 percent from a summer low through early November, before giving up 4.9 percent through last week.
The equity benchmark has fallen 2.9 percent in December, bucking the historical seasonal trend of gains, and is on track for its biggest annual drop since the 2008 financial crisis. That puts even more pressure on the so-called Santa Claus rally to save the year. Historically, the final two-weeks of December deliver a gain of 1.7 percent.