A brutal sell-off on Wall Street resumed on Thursday as banks and investors warned Donald Trump’s tariffs could tip the US into recession even as the president stepped back from a full-blown trade war.
The S&P 500 dropped 3.5 per cent in another day of turbulent trading and a sharp turnaround from the previous session’s 9.5 per cent surge. Wall Street’s benchmark share index is down 6.1 per cent for April.
The tech-heavy Nasdaq Composite dropped 4.3 per cent after its best day since 2001. In currency markets, an index of the dollar against half a dozen peers tumbled 1.9 per cent, as the rush from US assets sent the Japanese yen, euro and UK pound rallying.
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