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.
What’s likely adding to investors’ nervousness is whether the latest reading for retail spending marks the end of the near 45-degree rise since March 2009 that coincides with the onset of the bull market.
The greenback pared gains amid speculation it gained too much, too fast, and as U.S. Treasury yields fell. The currency jumped earlier as a private report showed U.S. companies added more than 200,000 workers for a sixth month.
The dollar strengthened to a 14-month high and commodities declined to the lowest level in five years after data added to evidence China’s economy is slowing. Russia’s ruble weakened to a record after the European Union and U.S. imposed new economic sanctions.