Stocks close lower amid fears about economy, trade war
Stocks ended lower Wednesday as bond yields declined again, triggering concerns about the economic outlook. Increasing trade tensions in the China-U.S. trade fight also weighed on markets.
The Dow closed down 221 points, while the S&P 500 slid 0.7%. The Nasdaq declined by 0.8%. The Dow briefly fell more than 400 points as the 10-year Treasury note yield hit its low of the day.
The 10-year Treasury note yield fell to its lowest level since September 2017 before rebounding to about 2.26%. A portion of the yield curve further inverted as 3-month Treasury bills last yielded 2.36%, well above the 10-year rate. A yield curve inversion is seen by traders as a potential sign that a recession is in the horizon.
Bank shares fell along with yields. Bank of America and J.P. Morgan Chase both slid more than 0.2%. Citigroup dipped 0.1%. Shares of the three banks had dropped more than 1% earlier in the day.
The S&P 500 broke below 2,800, a key technical level watched by traders. The broad index also traded around its lowest level since late March.
https://www.msn.com/en-us/money/markets/stocks-close-lower-amid-fears-about-economy-trade-war/ar-AAC4PbN?li=BBnbfcN
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