All 3 major U.S. indices climbed today as Treasury yields rebounded, quelling fears of a looming recession. Equities also got a boost after the U.S. agreed to temporarily soften policy against Huawei. The Dow rose 0.96% as the S&P jumped 1.21%.
These gains add to a rebound that started last week after the Dow posted its worst session of 2019. The 30-stock index plummeted 800 points, or 3.1% on Wednesday before regaining some of the lost ground on Thursday and Friday. The S&P 500 is still down 1.9% in August and off more than 3% from a recent record.
The People's Bank of China unveiled an interest-rate reform over the weekend aimed at lowering borrowing costs for Chinese companies. In Germany, the government isin case the country's economy falls into a recession. Economic growth in China and Germany has slowed down this year amid tighter trade conditions, leading investors to rush into safe havens like the 10-year Treasury note.
"An inverted yield curve has predicted 10 of the last 7 recessions. In other words, it isn't as accurate a predictor of economic downturns as widely believed," Yardeni wrote in a note to clients. "It can be misleading, having given three false signals of a recession."on the horizon in the U.S. after a volatile week for markets.
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