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.



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