The Nasdaq Composite Index COMP, +0.08% Wednesday afternoon was trading 0.2% higher, representing a notable comeback for the technology laden index and the the broader market that had been knocked sharply lower on deepening fears of a global economic weakness. The Nasdaq had been down by as many as 130 points or 1.7% at its intraday nadir but has thus far managed to reverse its decline on no apparent news. The Dow Jones Industrial Average DJIA, -0.41%, meanwhile, also pared its drop and was most recently down 78 points, or 0.3%, at 25,950, after the blue-chip index had tumbled by as many as 589 points earlier in the session. The S&P 500 index SPX, -0.27% was trading 0.1% lower at 2,878, after hitting an intraday low at 2,825.24. Wednesday’s decline was sparked by growing fears that global growth was grinding to a halt as a number of central banks cut interest rates in an attempt to dampen the harm caused by a Sino-American trade war. Declines in equities came as government bond yields, which move inversely to their prices, were falling sharply, reflecting a flight to assets perceived as havens like bonds and stocks. The 10-year Treasury note TMUBMUSD10Y, -2.03% hit a level at 1.60%, marking its lowest yield since October of 2016, according to Dow Jones Market Data. The 10-year Treasury was yielding 1.67% in afternoon trade.
The Nasdaq Composite just halted a 130-point skid and turned positive in volatile Wednesday afternoon action
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