Risk-on momentum in stocks succumbs to mounting growth worries

FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City

NEW YORK: The seemingly unstoppable stock market rally is wobbling as it confronts a horde of challenges to the momentum that’s taken it from record high to record high.

A rout early last month was a glimpse of how quickly things can turn bad, a sharp sell-off driven by US recession fears that rocked investors used to going in only one direction. While the S&P 500 subsequently rebounded, crucially it didn’t made back all the ground lost.