Markets Plummet as Tariff-War Woes Fuel Exodus From US Assets
Traders work on the floor of the American Stock Exchange at the New York Stock Exchange, on April 10.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Less than 24 hours after President Donald Trump backtracked on his once-in-a-century trade war to prevent a meltdown in financial markets, frantic selloffs hit US stocks, bonds and the dollar yet again as fears of a worldwide recession engulfed Wall Street.
The S&P 500 Index ended the day down 3.5% as investors seized on Wednesday’s historic rebound to sell. Long-term Treasuries sank, sending yields soaring after a brief respite. The dollar tumbled for a third day as traders liquidated US assets in favor of haven currencies like the Swiss franc, which surged by the most in a decade. Meanwhile, oil prices fell further.