Dow closes more than 200 points higher

Dow rebounds 389 points from Monday losses

Stocks opened with steep losses Wednesday morning amid an escalation of trade tensions between the US and China. The Dow is up 332.79 points or 1.4 percent at 24,597.09, the Nasdaq is up 62.64 points or 0.9 percent at 7,104.75 and the S&P 500 is up 25.93 points or 1 percent at 2,670.62.

The S&P 500's industrials sector also pared losses but was still down 0.2 percent in late afternoon trading.

With administration officials sounding conciliatory one day and hostile the next and the president frequently quick to fire off another tweet, investors simply don't know what the USA wants to achieve in its talks with China, said Katie Nixon, chief investment officer for Northern Trust Wealth Management. In the absence of new all-time highs, stock fans on bear watch should be waiting for the 21,293.37 level in the Dow and 2,298.30 in the S&P. President Donald Trump has proposed more tariffs on Chinese goods.

The probabilities of a recession in the last half of 2019 and early 2020 are increasing in odds and maybe quite dramatically, Kass added, saying: "The bottom line is that our president is going to make market volatility and economic uncertainty great again". Boeing was last down 2 percent while Caterpillar was down 0.7 percent.

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The U.S. and China have recently engaged in tit-for-tat tariff announcements, although traders seem optimistic that the threats are only a precursor to negotiations of a trade agreement between the two countries.

Technology companies and banks also fell.

The yield on the benchmark 10-year Treasury note settled at 2.830%, up from 2.788% on Wednesday. About 268 of the S&P 500 components were lower. Boeing (BA.N), the single largest US exporter to China, fell 2.5 percent. Friday's downdraft also came amid a jobs report for March that produced a weaker-than-expected headline figure, showing the US economy added just 103,000 jobs versus forecasts for a rise of 170,000. Copper fell 2 cents to $3.06 a pound. USA 10-year Treasury yield was last down 2.75 basis points at 2.76 percent, while gold prices went up more than 1 percent. The company admitted it made a "huge mistake" in not focusing more on potential abuse of users' personal information.

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