Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes.
The Hang Seng index slid 1.4% to 17,364.86. The Shanghai Composite was up 0.1% to 3,110.48.
After taking several U-turns through the day, the S&P 500 inched up 0.98, or less than 0.1%, to 4,274.51 and remains near its lowest level since June. The Dow Jones Industrial Average slipped 68.61 points, or 0.2%, to 33,550.27 after earlier bouncing between a gain of 112 points and a loss of 312. The Nasdaq composite rose 29.24, or 0.2%, to 13,092.85.
It’s all brought an end to the old era of investing in which the mantra was “There Is No Alternative” to stocks because bonds were paying such scant yields. With bonds now paying much more and providing real alternatives, stock prices could feel downward pressure for a while. The upside of such strength means the economy has avoided a long-predicted recession. But it could also keep enough upward pressure on inflation to encourage the Fed to keep rates high.
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