The S&P 500 and the Nasdaq Composite clawed back their earlier losses and closed higher, up 0.1% and 0.4%, respectively. The Dow closed down 0.1%, or 22 points. At its worst, the index was down 589 points.
After a one-day respite, panic has reignited over the trade war. Investors are pulling money out of stocks and buying up US bonds and gold as safe havens.Nevertheless, stocks came off their lows and turned positive in the final hour of trading. Only the S&P 500 and the Nasdaq Composite, however, managed to end the day in the green.Economists at Rabobank are projecting a shallow global recession because the trade war is hurting financial markets, consumer confidence and the global economy.
Trouble brewing in the bond marketGlobal central banks' rate cuts are helping fuel bond buying too. Overnight, both the Reserve Bank of New Zealand and the Reserve Bank of India delivered steeper-than-expected rate cuts. The US Federal Reserve cut rates last month for the first time in a decade. That helped precipitate the decline in long-term bond yields, although yields had been trending lower for some time.
France Dernières Nouvelles, France Actualités
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