Wall Street recovers from global sell-off as Trump tariffs fuel recession fears – as it happened

The floor at the New York Stock Exchange Photograph: Jeenah Moon/Reuters

9.10pm BST

Wall Street closes higher, after a bad March

And finally, a late rally in New York has seen the US stock market close higher tonight. However, the picture over the last month is less impressive.

Today, the S&P 500 share index was up 30 points at the closing bell, a rise of 0.55%, having fallen over 1% in morning trading.

The Dow Jones industrial average jumped around 1%, gaining 417 points to 42,001 points.

But March was still a grim month for US stocks, as investor confidence was hit by growing trade war fears.

The S&P 500 fell 5.7% in March, Reuters calculates, which is its biggest monthly fall since December 2022.

5.11pm BST

A recap

With European stock markets closed, here’s a quick recap.

Global stock markets are on track to post their biggest monthly fall since September 2022, after several weeks in which trade war fears have hit share prices.

European stock markets have closed in the red, with the UK’s FTSE 100 losing almost 1% and bigger losses in Paris and Frankfurt.

That followed heavy losses in Asia where Japan’s Nikkei index lost 4%.

The selloff came after Donald Trump said on Sunday that the reciprocal tariffs he is set to announce this week will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

That has fuelled fears of a global trade war which would hurt growth and drive up inflation.

In other developments:

• Today’s losses are on top of falls during March which have dragged down the MSCI world share index by at least 4.5%, its biggest monthly drop since September 2022.

• Goldman Sachs has lifted the chances of a US recession in the next year to 35%.

• UBS cut its end-of-year forecast for the US stock market.

• A majority of Britons predict the UK will be in recession, or worse, in a year.

• The yen strengthened, as the US dollar headed for its biggest monthly loss since November 2022.

• Gold hit a fresh record high

Downing Street says it expects the UK to be hit by more tariffs when Donald Trump announces his latest round of trade barriers on Wednesday, and said it “reserves the right” to respond to protect the national interest.