Stocks recovered from a Wednesday morning plunge to close roughly even amid rising trade tensions and concerns about the health of the global economy.

The Dow Jones industrial average closed with a loss of 22 points after losing more than 500 points shortly after the market opened Wednesday. The S&P 500 rose just 0.08 percent, while the Nasdaq composite rallied to gain just under 0.4 percent.

All three major U.S. stock indexes opened Wednesday more than 1 percent lower following a trio of central bank rate cuts and further depreciation of the Chinese currency, the yuan.

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The Dow fell more than 1.6 percent, while the S&P 500 fell 1.2 percent and the Nasdaq composite sank 1.1 percent after Wednesday's opening bell.

Wednesday’s recovery reversed the latest blow to U.S. stocks, which had fallen steadily as the escalating U.S.-China trade war sours the global economic outlook.

The central banks of India, New Zealand and Thailand all cut interest rates Wednesday to levels below what economists had projected. The moves triggered deeper concern about the health of the global economy, which has slowed significantly over the past year.

China’s yuan also fell below a 7-to-1 ratio with the U.S. dollar for the second time this week. While the move was interpreted as a response to Trump’s new tariffs on Chinese goods, China has denied accusations of devaluing its currency.

Updated at 4:22 p.m.