On the eve of a Senate hearing today into whether the Federal Reserve has been “captured” by the institutions it is supposed to regulate, the Fed announced a broad review of its supervision of the largest banks
The Standard & Poor’s 500 Index erased its gain for the year and 10-year Treasury yields slid below 2% for the first time since June 2013 as weaker-than- forecast economic data added to concern that economic growth is slowing.
The S&P 500 sank 1.5 percent to 1,935.09 at 4 p.m. in New York, the lowest level since Aug. 12. Today’s slide was the biggest in almost three weeks. Selling accelerated in afternoon trading as index futures contracts expiring in December slipped below 1,940, a level where two previous declines had ended earlier today.