President Donald Trump held a conference call Wednesday with top executives of three major Wall Street banks as the stock market plunged and the bond market sent a recession signal, Bloomberg reported Friday (JPMorgan Chase & Co.'s (JPM) Jamie Dimon, Bank of America Corp.'s (BAC) Brian Moynihan, and Citigroup Inc.'s (C) Michael Corbat, the report said. Stocks tumbled Wednesday, with the Dow Jones Industrial Average falling 800 points, or 3.1%, to log its biggest one-day percentage drop of the year, while the S&P 500 dropped 2.9%, as the yield on the 10-year Treasury yield briefly dipped below the 2-year note yield, a phenomenon seen as a potential warning of a future recession. Stocks rebounded slightly on Thursday and were holding solid gains in Friday's session, but major indexes remained on track for weekly declines.). Trump held the call with
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(END) Dow Jones Newswires
August 16, 2019 12:48 ET (16:48 GMT)
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