Wall Street indexes continued their slide in a volatile session as investors worried about rising interest rates and braced for a trade war hit to corporate earnings.
In its sixth consecutive day of declines, the S&P closed down 2.1 per cent after shedding 3 per cent in Wednesday’s session. At its session low, the benchmark fell 2.7 per cent to its lowest level since early July.
The Nasdaq narrowly avoided confirming a correction. During the session it fell as much as 10.3 per cent from its August 29 closing record high but ended the day 9.6 per cent below the record.
Investors worried that equity markets would have trouble recovering as rising interest rates coincide with uncertainty about how much earnings growth would be hurt by a US trade war with China.