New York CNN —
Wall Street appears to be staging a comeback barely a week after a bruising global sell-off.
Markets were rattled after the Bank of Japan raised interest rates in late July for the second time this year. That led the yen carry trade, in which investors borrow ultra-cheap yen to buy other higher-yielding assets, to begin unraveling. That unwinding came to a head last week, when Japanese stocks logged their worst day in decades. In the US, a dismal July jobs report sparked fears of a recession. US stocks and bond yields plunged.
But a slew
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