How major U.S. stock indexes fared Thursday

Dow closes diminutive changed after rally help from 589-level drop in wild session

In 17 of the 24 times that the S&P 500 fell 3%, it either preceded or followed another such drop within a month. The offshore yuan strengthened 0.25% against the dollar, trading at 7.0664 to the USA dollar. Meanwhile, the yield on the 10-year note briefly went below 1.6 percent before recovering.

A three-month Treasury was yielding 0.36 percentage points more than a 10-year Treasury as of Wednesday afternoon. The Nasdaq Composite Index rallied 176.33 points, or 2.24 percent, to 8,039.16.

Investors were spooked after central banks in New Zealand, India and Thailand cut interest rates to prevent fallout from the trade war from spreading. But, central banks in New Zealand, India and Thailand cut key interest rates on Wednesday, sending USA stocks into an early dive before recovering at the end of the day. The tech-heavy NASDAQ traded 0.64% lower at 7,783, and the benchmark S&P 500 Index traded about 1.5% lower at 2,839.

On Monday, the yuan fell to its lowest level against the U.S. dollar in over 10 years, below 7 yuan per U.S. dollar, after Trump threatened additional tariffs on Chinese goods. Unemployment is at the lowest level in decades and consumer confidence remains strong.

Investors are increasingly betting that the Federal Reserve will need to cut short-term interest rates to support the economy given all trade tensions, and traders see a almost 50% chance of three cuts or more by the end of the year.

Traders and financial professionals work ahead of the closing bell on the floor on the New York Stock Exchange (NYSE), October 26, 2018 in New York City.

This led to US President Donald Trump labeling Beijing a "currency manipulator", overlooking the fact that China's national currency sank following Trump's earlier threats to hit the country with new tariffs. The yield on the 10-year Treasury dropped to 1.62% from 1.74% late Tuesday, a large move.

Banks sustained some of the worst losses Wednesday. The price of oil slumped nearly 5%.


Bank of America fell 3.6%.

Bond prices were flat after shedding an early gain.

Oil prices picked up 15 cents to $54.84 USA a barrel. Occidental Petroleum gave up 2.5%.

Low-risk, low-growth sectors like utilities lagged the market.

European and Asian indexes were mixed.

Stocks are falling on Wall Street again as fearful investors dumped stocks and shoveled money into bonds. It bought Fox's entertainment business in March for $71 billion. Rival Lyft rose 3% a day after its quarterly results topped analysts' estimates and the company raised its revenue forecast for the year. The bounce came after Wall Street saw its worst trading day of 2019 in the previous session.

Drugstore operator CVS Health rose 7.3% after swinging to a second quarter profit and handily beating Wall Street forecasts.

Related:

Comments

Latest news

MAYBE NOT] Samsung Galaxy Note 10+ might feature 90Hz AMOLED display
This was one of the biggest complaints people had with the Galaxy Watch Active , and Samsung has fixed that at the very least. Ahead of the launch of the Galaxy Note 10 , the company is revealing the new smartwatch that comes with a number of upgrades.

Iran Dismisses US Plan for Persian Gulf Coalition
Secretary of State Mike Pompeo says the USA has asked over 60 countries to protect commercial shipping in the gulf; Ellison Barber reports from Jerusalem.

Anna Wintour 'honored' Taylor Swift copied her hairstyle
Swift also addresses her decision to publicly support the LGBTQ community after years of staying apolitical. I just wanted to redecorate. 'Look, snakes of a feather flock together.

Military satellite set for pre-dawn launch on Thursday in Florida
The Air Force said the added cubesat represents its first "ride-share" for this type of national security launch. The rocket carried a communications satellite for the US Air Force Space and Missile Systems Center.

Warriors agree with Green on four-year extension
The Warriors gave Green a four-year $100 million maximum deal on Saturday and he has a little wrinkle in his contract. Green is the first Warriors star from their recent run to receive a player option on a long-term deal.

Other news