Wall Street tumbles on rising fears of recession; main indices down 2%

Wall Street main indices slid more than 2% on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China. Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal. The interest-rate sensitive bank index slipped 3.

7% and the broader financial sector fell 3.0% in response. Slumping exports sent Germany's economy into reverse in the second.

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