U.S. Stocks Slump on Concern Rally Was Overdone: Markets Wrap

By Claire Ballentine and Katherine Greifeld

Stocks slumped in the U.S. and Europe as concern the recent rally had gone too far overshadowed new stimulus measures and encouraging economic data.

The S&P 500 Index headed for its first loss in five days, while the tech-heavy Nasdaq 100 also slumped after briefly climbing to an intraday record. Treasury yields rose as weekly jobless claims fell. The Stoxx 600 stayed lower even as the European Central Bank moved to add 600 billion euros to its pandemic purchase program, more than expected.

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