S&P slides back into the red for 2015

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US stocks are struggling to hold onto its gains for the year.

After rallying on Wednesday after the Fed moved to increase interest rates from historic lows, US stocks slumped on Thursday as energy and materials shares sold off.

The S&P 500 dropped 1.1 per cent, with the equity barometer dipping slightly into negative territory for 2015. The Dow shed 174 points and the Nasdaq Composite slid 1 per cent.

US crude oil prices dropped 2 per cent on the back of a nearly 5 per cent selloff in the previous trading session. At the same time, metals came under selling pressure. Gold dropped 1.8 per cent, silver skidded 3.2 per cent and copper declined 1.5 per cent.

Energy was the worst performer of the major S&P 500 sectors, falling 2 per cent. Selling there was widespread, with pipeline operators, exploration and production companies, oilfield servicers and integrated oil companies all facing losses.

Metals miners skid deep into the red too on the back of the commodities drop.

In the currency market, the US dollar soared by 1.3 per cent against a basket of six global currencies. The euro sunk by 0.9 per cent against the greenback.

The yield on the benchmark 10-year US Treasury note fell 0.05 per cent to 2.24 per cent as traders bid-up the safe-haven asset.

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