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By Market Watch, Dec. 04, 2018
The Dow Jones Industrial Average and the broader stock market on Tuesday skidded sharply lower, relinquishing all of Monday's post-G-20 rally--and then some. The Dow DJIA, -0.81% finished 799 points, or 3.1%, at 25,027. The S&P 500 index SPX, -0.66% closed off 3.2% at 2,700, while the Nasdaq Composite Index COMP, +0.00% retreated 3.8% at 7,158. A day ago, the stock market climbed with risk appetite as President Donald Trump and China's leader Xi Jinping forged a momentary pause in trade hostilities at the sidelines of the Group of 20 summit in Argentina. However, investors have grown doubtful that a real deal in the long-run is possible. On top of that, the 10-year Treasury rate TMUBMUSD10Y, -1.20% has extended a drop toward a three-month low at 2.91%, with that move also narrowing a closely watched spread between that benchmark government debt and the short-dated 2-year Treasury note TMUBMUSD02Y, -2.16% That spread is the tightest since 2007 at 10 basis points, with a tightening, or flattening, spread between the short-dated and longer-dated bonds, generally reflecting that bond investors harbor a downbeat economic outlook.
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