S&P 500 erases gains on worldwide growth fears; Europe shares rise

most U.S. stocks ended little changed to decrease on Wednesday, erasing early profits on issues approximately worldwide increase and sliding commodity-associated shares, even as extra calm surrounding the eu banking quarter boosted that region's shares.

The benchmark U.S. S&P 500 .SPX inventory index rose as tons as 1.6 percent following Federal Reserve Chair Janet

Yellen's prepared testimony to Congress. It modified path and ended mainly flat, at the same time as the Dow Jones business common ended down one hundred points.

Yellen mentioned that tightening financial conditions and uncertainty about China posed dangers, however informed Congress she does no longer expect the relevant financial institution to opposite its fee hike program.

As upbeat sentiment dwindled and U.S. oil expenses fell, materials and electricity stocks had been Wall avenue's biggest losers. stock markets have sagged given uncertainty surrounding monetary coverage and a steep decline in commodity prices.eu shares snapped a seven-day losing streak, reinforced by stable income and a recuperation in Deutsche financial institution (DBKGn.DE) from 30-yr lows. The euro quarter's banking index .SX7E ended up 6.nine percent. It still regarded headed for a 7th directly weekly decline, the longest losing streak seeing that 1998.

"frightened traders had been promoting power inside the market," stated Alan Gayle, senior funding strategist at

RidgeWorth Investments in Atlanta, bringing up continual issues about international boom.

MSCI's all-united states world fairness index, which tracks stocks in 45 countries, changed into final down 0.35 points or 0.1 percent, at 358.08.

The Dow Jones business average .DJI ended down ninety nine.sixty four points, or zero.sixty two percent, at 15,914.seventy four. The S&P 500 .SPX closed down zero.35 factors, or zero.02 percentage, at 1,851.86. The Nasdaq

Composite .IXIC rose 14.eighty three points, or 0.35 percentage, to 4,283.fifty nine.

Europe's large FTSEurofirst three hundred index .FTEU3 ended up 1.seventy eight percent, at 1,241.49. On Tuesday, the index fell 1.6 percentage and hit its lowest when you consider that September 2013.

Brent crude costs settled up 52 cents, or 1.72 percentage, at $30.84 a barrel. U.S. crude settled down forty nine cents, or 1.75 percent, at $27.45 a barrel.

The greenback hit 113.a hundred yen, its lowest for the reason that Nov. 2014, as buyers packed into the safe-haven jap currency no matter Yellen's feedback.

The "dovish undertones" of Yellen's testimony bolstered the view "that the Fed is probably no longer going to undergo with a charge boom next month," stated Kathy Lien, dealing with director of BK Asset control in new york.

Treasury yields dipped after the U.S. Treasury offered $23 billion in 10-year notes to strong call for, showing investors have been unfazed with the aid of this year's drop in yields.

Benchmark 10-12 months U.S. Treasury yields US10YT=RR hit a one-year low of one.673 percentage.

U.S. gold futures for April delivery GCJ6 settled down zero.three percent at $1,194.60 an oz..