Record S&P 500 Momentum Unwinding as China Quashes Euphoria
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After U.S. stocks gained 30 percent last year and almost everything went up, measures of Standard & Poor’s 500 Index price momentum are slipping just as concern mounts that emerging markets will snuff out the rally.
Almost 160 companies in the benchmark gauge for American equities traded below their average level over the past 200 days last week, more than any time last year, when stocks posted the biggest rally since the technology bubble, according to data compiled by Bloomberg. A total of 86 stocks set one-year highs as the index hit a record Jan. 15. That’s down from an average of 112 when peaks were reached in the third quarter.