By CCN: A hesitant Dow crept toward a paltry recovery on Thursday following a two-day bloodbath that wiped nearly 500 points off the index. The trade war continues to command Wall Street’s undivided attention, and Beijing’s latest provocations should terrify investors.
Dow Creeps Toward Meager Recovery
Wall Street betrayed a lack of conviction during the Thursday trading session. As of 2:04 pm ET, the Dow Jones Industrial Average had inched up 31.77 points or 0.13% to 25,158.18. The S&P 500 climbed 3.61 points or 0.13% to 2,786.65, and the Nasdaq rose a disappointing 10.32 points or 0.14% to 7,557.63.
Beijing Intensifies the Ruthless Trade War Rhetoric
Stocks eyed a shaky recovery after bond yields rose, reducing concerns about a looming recession. However, that comeback will likely be hampered by yet another alarming escalation in trade war rhetoric by a senior Chinese diplomat.
Earlier today, Chinese vice-foreign minister Zhang Hanhui warned the United States that Beijing is “not afraid” of a trade war. He slammed President Trump’s administration from engaging in “naked economic terrorism” and “bullying.”
“We oppose a trade war but are not afraid of a trade war. This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying,” Zhang said, according to the South China Morning Post.
Just one day prior, an editorial in the Communist Party’s official newspaper savagely rebuked the Trump administration and called for China to weaponize its dominant position in the global rare earths market to cripple US manufacturing.
“Don’t say we