Its central bank put down the fall to "unilateralism and trade protectionism measures and the imposition of tariff increases on China".

The Dow Jones industrial average nose-dived almost 550 points before tapering back to 300 to the downside after the Asian Pacific central banks announced their rate cuts.

The S&P 500 rose 2 points, 0.1%, to 2,884.

The S&P and the Nasdaq are on track for their first positive performance in seven days, snapping their longest losing streaks since last fall. But the markets turned volatile again early Wednesday after central banks in New Zealand, India and Thailand cut key interest rates.

"But to us, you kind of want to selectively trim out places that are higher-risk, higher-returns parts of the market, and reallocate into more defensive, kind of more steady, stable businesses, like infrastructure for example", he said.

The Dow Jones Industrial Average sank 800 points Monday, or 3%, its worst drop of the year.

Prices and yield move in opposite directions in the bond market, so higher prices mean a lower return.

In a tweet last week, Trump announced a new 10 percent tariff on an additional $300 billion worth of Chinese goods to be introduced since September 1.

Declining issues outnumbered advancers for a 4.65-to-1 ratio on the NYSE and for a 3.42-to-1 ratio on the Nasdaq.

Likewise, the benchmark S&P 500 spent most of its day in the red - but managed to stage a turnaround in the final hour, lifting 0.1 per cent.

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The Nasdaq led the market's upward swing, climbing 29.56 points, or 0.4%, to 7,862.83.

Wall Street's wild swings overnight were driven by rising fears of recession, or at least a sharp economic slowdown, as signalled by the US Government debt (also known as the Treasury bond) market.

The Dow Jones Industrial Average lost 459 points, or 1.7%, to 26,017. The gap between the yield on the three-month Treasury and the 10-year Treasury widened further.

But Beijing's move to stabilise the yuan after it dropped below the key 7.0 per dollar threshold helped to ease fears of a currency war despite Washington formally branding China a "currency manipulator".

NEW YORK, Aug. 5 (Xinhua) - U.S. stocks plunged on Monday as investors worry that U.S. President Donald Trump's threatened new tariffs on Chinese imports will worsen trade prospects. Hong Kong's Hang Seng dipped 0.8% to 25,758.83, while the Shanghai Composite was little changed, inching down less than 0.1% to 2,776.91. The broader financial index dropped 2.60%, the most among the 11 major S&P sectors which were all lower.

Wholesale gasoline fell 7 cents to $1.62 per gallon.

Bond prices soared, sending yields sharply lower, as investors sought safety.

Among other stocks, Walt Disney Co was up 1.2%. the company is set to report its third-quarter results after market close.

Bank of America fell 3.6%. The Standard & Poor's 500 hit a two-month low before clawing back to about a 1 percent drop an hour into trading.