The US stock market recovery triggered by China’s efforts to buttress its economy unravelled in the last hour of the trading day, exacerbating concerns that the recent turmoil rattling global markets is far from over.
The S&P 500 had jumped as much as 2.9 per cent early on Tuesday, clawing back some of its recent losses, after European and Asian bourses cheered China’s interest rate cut.
But the rally started to evaporate after 3pm and by the closing bell the main US equity gauge had fallen 1.3 per cent on the day, less than 1 point off the initial low touched after Monday’s opening dive and back at a level typically termed a correction.
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