Volatile mar­ket falls, then re­cov­ers

The Columbus Dispatch - - Front Page -

U.S. stocks clawed most of their way back from a deep slide Thurs­day that at one point had wiped out the mar­ket’s gains for the year.

An early plunge briefly knocked more than 700 points off the Dow Jones In­dus­trial Av­er­age as the ar­rest of a se­nior Chi­nese tech­nol­ogy ex­ec­u­tive threat­ened to cause an­other flareup in ten­sions be­tween Wash­ing­ton and Bei­jing.

The sell-off eased by late af­ter­noon, how­ever, after The Wall Street Jour­nal re­ported that the Fed­eral Re­serve is con­sid­er­ing break­ing with its cur­rent ap­proach of steady in­ter­est rate hikes, fa­vor­ing a wait-and-see ap­proach.

Volatil­ity has gripped the mar­ket since early Oc­to­ber. In­vestors have wor­ried that the Fed might over­shoot with its cam­paign of rate in­creases and put the brakes on the U.S. econ­omy. Like­wise, traders fear that a pro­longed trade dis­pute be­tween the U.S. and China could slow the global econ­omy and crimp cor­po­rate prof­its. The mar­ket’s mood can quickly swing de­pend­ing on what it hears on ei­ther of those is­sues.

Oil prices fell sharply as traders ap­peared to doubt that an ex­pected pro­duc­tion cut by OPEC will be enough to boost the price of crude. Mort­gage rates The na­tional av­er­ages for mort­gage rates for the week that ended Thurs­day:

30-YEAR, FIXED RATE Re­cent week...................4.75% Pre­vi­ous week................4.81% A year ago.......................3.94% 15-YEAR, FIXED RATE Re­cent week...................4.21% Pre­vi­ous week................4.25% A year ago.......................3.36%

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