U.S. stocks pulled back from session lows after the S&P 500 dipped 20% below its Jan. 3 closing record. Treasuries and the dollar gained as havens caught bids.
The benchmark dropped less than 1%, catching bids in the last hour trading. It earlier fell more than 2% earlier, where a close at that level would meet the common definition for a bear market. At the end of another volatile week, price swings are likely to be exacerbated by the monthly expiration of options tied to equities and exchange-traded funds.
The selloff has sent the S&P 500 deeper into a seventh weekly decline that would make the longest losing streak since the dotcom bubble burst more than two decades ago. It will be just its fourth streak of seven or more weekly losses in the post-World War II period, according to Bespoke Investment Group.
