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.
Asian stocks declined, extending losses from the biggest decline in a year and a half, as Australian banks fell. Japan shares rose on a volatile day of trading after the biggest rout since the March 2011 earthquake.
The biggest drop in Japanese shares since the 2011 earthquake erased $314 billion in market value, shaking bulls who pushed the Topix Index to five-year highs and highlighting their vulnerability to shocks at home and abroad.
Orders for U.S. durable goods probably increased in April after falling by the most in seven months as companies invested in aircraft and capital equipment, economists forecast ahead of a report today.