S&P Global Ratings has raised the odds on a recession in North America to 20% to 25% from 15% to 20%, citing global economic headwinds, trade uncertainty, geopolitical concerns and rising risk of investor risk aversion. TWhile some financial condition indicators have rebounded, as the Federal Reserve put its tightening cycle on hold, S&P said it believes the rebound is temporary. The credit rating agency expects the default rate to rise to 3.1% this year from 2.4%, with U.S. growth slowing to 2.2% this year as fiscal stimulus from tax cuts wane. "Along with trade uncertainties, we see the biggest risks to North American credit conditions as a possible turn in the credit cycle overlaid with challenging financing conditions, and housing imbalances in Canada," said S&P credit analyst David Tesher. The Dow Jones Industrial Average DJIA, -1.92% rise 77 points, or 0.3%, while the yield on the 10-year Treasury note increased 2.2 basis points to 2.396%.