Wall Street retreats as bond market fuels recession fears
NEW YORK - The S&P 500 recovered from steep early losses to trade modestly higher by late afternoon on Wednesday as investors snapped up oversold shares, although signals from the bond market of a higher risk of recession kept a lid on gains.
Interest rates futures suggested traders are building bets the Fed will cut interest rates three more times by year-end. The Dow Jones Industrial Average rose 12.13 points, or 0.05%, to 26,041.65, the S&P 500 gained 6.79 points, or 0.24%, to 2,888.56, and the Nasdaq Composite added 38.21 points, or 0.49%, to 7,871.48.
Trade concerns remerged after President Donald Trump last week threatened to slap 10% levies on the rest of $300 billion of Chinese imports and called China a currency manipulator on Monday.The energy sector was down more than 1% after oil prices slid while real estate was up the most of any S&P sector.
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