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Stock markets take a backseat after a steep fall: NPR




Major U.S. stock indices were almost unchanged Thursday, a day after their steepest fall of the year.

Richard Drew / AP


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Richard Drew / AP

Major U.S. stock indices were almost unchanged Thursday, a day after their steepest fall of the year.

Richard Drew / AP

Investors paused to breathe Thursday, one day after the stock market suffered its worst fall of the year. Market indices were flat as investors digested mixed signals about the outlook for the US economy.

Consumer spending – a key pillar of the economy – remains strong. Retail sales jumped 0.7% in July, according to the Commerce Department. After a slow start to the beginning of the year, retail sales have grown in the last five months – a sign that consumers are still doing well with the economy, with low unemployment and rising wages.

Walmart, the world's largest retailer, also reported solid sales in the second quarter and lifted its profit forecast for the rest of the year.

Industry news is less encouraging. Industrial production fell in July, and production fell 0.4%. The US manufacturing sector is more dependent on exports than the much larger service side of the economy. As a result, the factories have experienced greater fallout from rising trade tensions.

Disappointing news of production in China and a report that Germany's economy shrunk in the second quarter helped trigger a strong Wall Street sale on Wednesday. The Dow Jones Industrial Average and the S&P 500 both fell around 3%.

Investors were also told by news that the return on 10-year Treasuries fell below the return on 2-year banknotes – an unusual situation that has historically been a warning sign of an imminent recession.

Some observers warned that this "reverse yield curve" could be a false alarm in this case.

"I really want to encourage this opportunity may be a less good signal" about a recession, former Federal Reserve leader Janet Yellen told Fox Business. "I think the US economy has enough strength to avoid it."



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