Wall Street tumbles on rising fears of recession; main indices down 2%

The Dow Jones Industrial Average was down 557.26 points, or 2.12%, the S&P 500 was down 62.63 points, or 2.14%. The Nasdaq Composite was down 190.71 points, or 2.38%

Wall Street main indices slid more than 2% on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal.

The interest-rate sensitive bank index slipped 3.7% and the broader financial sector fell 3.0% in response.

Slumping exports sent Germany's economy into reverse in the second quarter, while Chinese industrial output growth cooled to a more than 17-year low in July, underscoring the impact