Since the beginning of August, red has been seeping into US equities as investors assess the higher for longer economic impact, plus growing concern over China’s property developer fallout. That latter point pushed traders into the classic risk-off trade early this morning, heading into Treasuries and away from equities. But US stocks have been nursing losses all week and rallied throughout the session, closing just off their best levels. While most sectors finished in the green today, led by Energy and Food Retailers, the weekly result was still negative, and the S&P 500 closed with its third weekly loss. On a positive note, the Russel 2000 closed above its 200-day moving average (1842), maintaining that level it has held since the beginning of June.
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