Reuters: Dow posts biggest one-day drop since October as recession fears take hold
NEW YORK (Reuters) - Wall Street sold off sharply on Wednesday as recession fears gripped the market after the U.S. Treasury yield curve temporarily inverted for the first time in 12 years.
All three major U.S. indexes closed down about 3%, with the blue-chip Dow posting its biggest one-day point drop since October after 2-year Treasury yields surpassed those of 10-year bonds, which is considered a classic recession signal.
Dire economic data from China and Germany suggested a faltering global economy, stricken by the increasingly belligerent U.S.-China trade war, Brexit woes and geopolitical tensions.
Germany reported a contraction in second-quarter gross domestic product, and China’s industrial growth in July hit a 17-year low.
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TERRORISM/THE LONG WAR
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