Dow drops over 600 pts on recession warning

Wednesday, 14. August 2019 17:16

Stocks on Wall Street continued to plunge on Wednesday amid fears of recession sparked by the first yield curve inversion in 12 years. The yield on the benchmark 10-year Treasury note fell below the 2-year note's rate for the first time since 2007, when the last recession occurred.

The selloff comes after a day of strong gains for US stocks markets that was supported by news that some tariffs on Chinese products are being delayed.

The Dow Jones Industrial Average tanked 627 points at 11:17 am ET. The biggest laggards were Dow, Walgreens Boots Alliance, Goldman Sachs, and JPMorgan Chase. A minute later, the S&P 500 sank 2.26%, while the Nasdaq 100 dropped 2.51%.

Related Links: 
Author:
Breaking the News / JC