fb-pixel Skip to main content

US stocks fall as trade, growth angst resurfaces

Stocks fell for a fifth straight day Wednesday as investors remained on edge over trade, political turmoil, and economic growth. Crude halted its longest losing streak on record. The S&P 500 index slumped to the lowest in two weeks after selling in Apple rekindled worry that megacap tech earnings have peaked. An afternoon respite from the selling sparked by British Prime Minister Theresa May clinching a Brexit deal with her cabinet gave way to a tumble into the close. Goldman Sachs’ woes continued, with the bank down 13 percent in four days to the lowest since November 2016. West Texas crude climbed above $56 a barrel after plunging for a record 12 straight days. Natural gas surged as unseasonably cold weather threatens the Northeast. Bitcoin tumbled to the lowest level of the year. PG&E plummeted as much as 32 percent after the company said it had exhausted its revolving credit lines to deal with wildfires. ‘‘There’s a lot of different factors that are weighing on risk assets,’’ said Mark Heppenstall, chief investment officer, Penn Mutual Asset Management. ‘‘From individual company concerns, to wildfires in California, to some very odd behavior in the price of oil and natural gas.’’