The U.S. -based credit rating agency Standard & Poor's (S&P) said Wednesday that despite the global credit outlook being stable, global geopolitical risks remained high, which predominantly stemmed from escalating tensions between the world's two largest economies, the U.S. and China.
Trump threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike".
The market also seemed to take comfort from the fact that the effective date of China's move depends on when the US action takes effect and Washington has a two-month window for public comment and consultation.
"The process itself seems to be quite chaotic", she said.
President Donald Trump's administration spent the past few days reassuring investors that it's not rushing into a trade war, and China's government has done the same.
Last month, President Trump imposed $50 billion tariffs on China for what he called "the country's theft on American technology". The markets in China were closed for Tomb-Sweeping Day.
At the start of the week, the USA announced plans to put tariffs on $50 billion in goods imported from China, and the Chinese government responded with measures of equal size.
China latest move saw the Dow slide by 2.1%, or 510 points on Wednesday morning, but later made a surprise turnaround rising about 230 points, or 1% to stand at 24,264 in the afternoon. The S&P 500 sectors were entirely positive. Caterpillar (CAT.N) declined 2.8 percent and Deere (DE.N) dropped about 2.3 percent. Apple lost 2 percent and JPMorgan Chase gave up 2.9 percent.
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Jason Pride, chief investment officer for Glenmede's private client business, said Trump's latest order caught investors off guard.
Canada's main stock index fell in a broad-based decline that was led by energy and financial shares as renewed U.S.
Nixon, of Northern Trust, said businesses also support the idea of making changes in America's trade relationship with China.
Economists had expected an increase of about 205,000 jobs compared to the addition of 235,000 jobs originally reported for the previous month. The unemployment rate remained low and the job market looks fundamentally healthy, but it's possible some employers are struggling to find workers. The Nasdaq composite dropped 139 points, or 2 percent, to 6,937. Oil prices fell nearly 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.80 percent.
Hilton Capital Management LLC boosted its holdings in shares of Direxion Daily S&P 500 Bull 1.25X Shares (NYSEARCA:LLSP) by 77.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. Shares of Boeing, the single largest US exporter to China, tumbled 4.6 percent.
Gold was down 0.8% at $1,329.00.