The Dow Jones Industrial Average rode its biggest intraday comeback since April to close higher on Tuesday, but the S&P 500 stumbled late after trade tensions with China flared up again.<\/p>\n
The Dow rose 203 points, or 0.4%. The S&P 500 dropped 0.2%. The Nasdaq Composite fell 0.8%.<\/p>\n
The Dow was down more than 600 points at its low, or 1.3%, meaning it pulled off its biggest reversal from an intraday low to positive territory since April 30, according to Dow Jones Market Data. The S&P 500, which was down 1.5% at its low, was on track to join the Dow until President Donald Trump posted about Chinese exports of cooking oil.<\/p>\n
\u201cI believe that China purposefully not buying our Soybeans, and causing difficulty for our Soybean Farmers, is an Economically Hostile Act,\u201d Trump posted on Truth Social. \u201cWe are considering terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution. As an example, we can easily produce Cooking Oil ourselves, we don\u2019t need to purchase it from China.\u201d<\/p>\n
Stocks were already down earlier in the morning after China sanctioned some U.S. shipping subsidiaries. The market is waiting anxiously to see if the U.S. and China de-escalate.<\/p>\n
\u201cThe bounce made sense and de-escalation should be the base case longer term, but the China overhang will not disappear given the size of the tail risk if things keep escalating,\u201d wrote 22V Research\u2019s Dennis DeBusschere earlier this morning. \u201cExpect an embedded risk premium until there is more concrete news about the two sides meeting.\u201d<\/p>\n
The trade worries overshadowed strong quarterly results from the major U.S. financial institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"The Dow Jones Industrial Average rode its biggest intraday comeback since April to close higher on Tuesday, but…\n","protected":false},"author":2,"featured_media":1706,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188],"class_list":{"0":"post-122593","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/122593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=122593"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/122593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/1706"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=122593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=122593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=122593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}