Stocks slide as rate cuts stoke fear of an economic slowdown

Stocks fell in afternoon trading on Wall Street Wednesday as fears that an escalating trade war between the U.S. and China may stifle global economic growth. Investors sought shelter in bonds, gold and other safe-haven holdings.

Bond yields sank around the world, something that happens when investors see a weaker economy and low inflation on the way. Gold prices jumped to the highest price in more than six years.

Financial sector stocks led the way lower, even after a furious morning sell-off that knocked the Dow Jones Industrial Average down more than 580 points eased by midafternoon.