U.S. stocks recovered from early losses for a second day as investors weighed prospects of economic growth with concern the Federal Reserve will reduce stimulus efforts. Japanese shares rebounded from their largest drop since 2011, while commodities fell for a fourth day.
U.S. stocks retreated, giving benchmark indexes their first back-to-back drops in one month, as a contraction in China manufacturing offset American housing data and investors weighed Federal Reserve stimulus comments.
Washington is awash in scandals. The White House is fending off inquiries on three fronts: its response to the terrorist attack on a U.S. diplomatic outpost in Benghazi; the Internal Revenue Service’s scrutiny of conservative groups seeking tax exemptions; and the Justice Department’s broad seizure of Associated Press phone records in a leak probe.
U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.