The Dow closed just 66 points lower on Monday, recovering from a plunge of as much as 471 points
. The S&P 500 and Nasdaq also erased their sharp losses, ending just 0.5% lower.The comeback signals investors don't believe President Donald Trump's surprise threat to impose higher tariffs on China will spark a painful deepening of the trade war. Optimists are even hoping an historic trade deal will still be reached.
8% against the US dollar in offshore trading. Hong Kong's Hang Seng dropped almost 3%. The return of Tariff Man blindsides Wall Street"Shocking escalation — even on Trump standards," Chris Krueger, analyst at Cowen Washington Research Group, wrote in a note to clients on Sunday.On Sunday, Trump threatened on Twitter to increase tariff rates on $200 billion in imports from China to 25%, up from 10% currently. The president said the increase would take effect on Friday.
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