During Wednesday’s market swoon, gold prices fell and Treasurys barely budged.

Photo: david gray/Agence France-Presse/Getty Images

Investors found few places to shelter when stocks tumbled this week, illustrating the limitations of traditional havens following a run-up in prices across markets.

Lockdowns in Europe and rising coronavirus cases and no agreement on a second round of government stimulus in the U.S. have shaken confidence in the world’s economic revival, putting the S&P 500 on track for its worst week since June. Government debt and gold, which many investors own in the expectation they will zig when stocks zag, haven’t acted like the safety net to which investors are accustomed.

Money managers worry

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