S&P 500 made the biggest reversal since February 2016

06.04.2017 / 02:46

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From the best day in three weeks to one of the worst. Such was the roller coaster investors rode Wednesday, when the S&P 500 Index advanced as much as 0.8 percent before wiping out the gain in the last two hours to end 0.3 percent lower. In the end, it was the biggest reversal of its kind since February 2016. The whiplash began in Washington. Stocks started paring gains after minutes from the Federal Reserve’s last meeting showed many officials thought a rise in equity prices contributed to an easing in financial conditions, with some viewing stock levels “quite high relative to standard valuation measures.” The retreat accelerated after House Speaker Paul Ryan said that tax reform could take longer than a health-care overhaul. In a market that just ended the best quarter since 2015 with a record number of investors saying stocks are overvalued,jarring moves are no surprise.

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S&P 500 made the biggest reversal since February 2016

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