US and European stocks turned higher on Thursday as investors balanced risks of a global slowdown with the potential for central banks to scale back their plans for interest rate rises.
The S&P 500 added 1.5 per cent, the equity benchmark’s fourth consecutive day of gains after it ended June with its sharpest first-half drop in more than 50 years. The technology-heavy Nasdaq Composite gained 2.3 per cent, also its fourth day of gains. For both indices, that represents their longest positive streak since March.
Those moves came as the US Treasury market continued to flash a warning sign of recession, with the yield on the benchmark 10-year note remaining below that of the two-year security, in a pattern known as an inverted yield curve.
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