Wall Street main indexes slid more than 2% on Wednesday, as a closely watched U.S. bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.
Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal.
The interest-rate sensitive bank index slipped 3.7% and the broader financial sector fell 3.0% in response.
At 11:07 a.m. ET, the Dow Jones Industrial Average was down 557.26 points, or 2.12%, at 25,722.65, the S&P 500 was down 62.63 points, or 2.14%, at 2,863.69. The Nasdaq Composite was down 190.71 points, or 2.38%, at 7,825.65.
Source : Reuters