Yet trade worries were never far away.
The Chinese government announces yet another set of retaliatory tariffs that almost mirror the Trump administration's proposal a day earlier - 25% on a range of products from the U.S., worth approximately $50 billion.
Adams, of PNC Financial, said the tariffs would be especially painful for companies in agriculture: machinery makers in the US would pay more for imported components, and they wouldn't sell as much food in China because their products would be more expensive. "The tariffs on USA imports including soybeans is China's response that matches the scale of proposed US tariffs". That includes companies that can no longer sell goods and services to China, and businesses and consumers who can no longer buy the lower priced Chinese imports they've come to depend upon.
Europe's reaction was sour, too, with London's FTSE and Paris's CAC40 down around 0.5 per cent, while the export-heavy German DAX was more than 1.3 per cent weaker as the nervousness spread. In an interview on CNBC on Wednesday, he said China's reaction "shouldn't surprise anyone", as it's proportionate to the US action.
"The US is the biggest market in the world and Trump believes that other countries will make concessions in order to keep that access". Perhaps more importantly, he doubled down on his defense of his stance, arguing, "Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion".
The swing in risk sentiment put the pep back into bonds, with yields on US 10-year Treasury debt down three basis points at 2.75 percent.
European markets sank in early trading. It dropped 2.2 percent a day earlier.
Yesterday, the Chinese government implemented retaliatory tariffs up to 25% on imports of 128 American-made products, including pork, an important moneymaker, and seamless steel pipes. 6 percent and turned negative on the year. Hormel jumped $2.02, or 5.9 percent, to $36.24 and Tyson Foods rose $1.82, or 2.6 percent, to $71.57. Hormel jumped $1.65, or 4.8 percent, to $35.87.
Boeing shares fell 7.2 percent in pre-market trading.
If a nation unilaterally raises tariffs against imports from another country (or group of countries), they can refer the matter to the World Trade Organisation for binding arbitration and/or they can retaliate against the first country by raising their own tariffs on the goods they import from them.
The rising trade rhetoric saw the dollar buckle to 106.16 yen, after edging up from a low of 105.70 on Tuesday. 2287, after easing from a high of $1.
The market's swoon was "probably an overreaction", said Art Hogan, chief market strategist at Wunderlich Securities.
The Mexican peso and Canadian dollar both held firm after hitting a almost five-month and five-week highs respectively in recent days on growing optimism about the prospect of a NAFTA trade deal.
Investors also seemed to be keeping their nerve on the global economic outlook after a host of manufacturing purchasing managers indices (PMIs) showed some slowing, but from lofty levels in many regions.
Five states e xported more goods to China than any other country in 2016: Washington, Oregon, Alaska, Louisiana, and SC, as can be seen in the following map of the top export trading partner in each state for that year.