S&P 500 Turns Lower in Final 30 Minutes of Trading: Markets Wrap

Stocks wiped out gains in the final 30 minutes of Wall Street trading, with investors rebalancing their portfolios after a rally that’s already topped $4 trillion this year.

Wall Street traders adjust their positions at end of solid quarter

Photographer: Michael Nagle/Bloomberg

Equities finished lower for a third straight day, following a buying frenzy that saw the S&P 500 climb almost 10% in just three months. With the equity outperformance, pensions would need to sell roughly $22 billion in global stocks and buy $17 billion of fixed income in order to return to prior asset allocation levels, according to a recent estimate from Morgan Stanley.

The US equity benchmark is on track to ...