- S&P 500 Index jumps more than 1% after six days of losses
- China rebuffs U.S. Treasury’s currency manipulator designation
U.S. shares clawed back some of their recent losses after China’s move to stabilize its currency fueled speculation cooler heads will prevent a full-blown trade war.
The S&P 500 Index rose 1.3%, though it remained well off the record high it reached just a bit more than a week ago. The dollar steadied and gold held near a six-year high after China fixed the yuan at stronger than 7 per dollar, the level that spurred a global sell-off Monday. Treasuries gave back some of yesterday’s surge, which had created the most extreme yield-curve inversion since the lead-up to the 2008 financial crisis.
Brendan Walsh & Olivia Rinaldi | Bloomberg