中國刺激經濟舉措未能提振美國股市

The US stock market recovery triggered by China’s efforts to buttress its economy unravelled in the last hour of the trading day, exacerbating concerns that the recent turmoil rattling global markets is far from over.

中國鞏固經濟的企圖引發的美股反彈，在該交易日的最後一個小時卻未能堅持下來，令人們愈發擔心，最近這輪震撼全球股市的動盪局面遠未結束。

The S&P 500 had jumped as much as 2.9 per cent early on Tuesday, clawing back some of its recent losses, after European and Asian bourses cheered China’s interest rate cut.

在中國降息舉措令歐亞股市爲之一振之後，標普500(S&P 500)指數週二早盤曾躍升2.9%，收復了近期部分失地。

But the rally started to evaporate after 3pm and by the closing bell the main US equity gauge had fallen 1.3 per cent on the day, less than 1 point off the initial low touched after Monday’s opening dive and back at a level typically termed a correction.

然而，下午3點後這輪漲勢就開始煙消雲散，到收盤前這一美國主要股指全天跌幅已達1.3%，其點位比周一開盤跳水後的最低點位還低了1點，再次回到了典型的調整點位。

The Dow Jones Industrial Average closed 1.3 per cent lower, off more than 200 points at 15,666.44 and the Nasdaq fell almost 0.5 per cent. Futures contracts on the main US stock indices indicated that equities were expected to come under renewed pressure on Wednesday morning.

道瓊斯工業平均指數(Dow Jones Industrial Average)收跌1.3%，下跌逾200點至15666.44點，而納斯達克指數(Nasdaq)則下跌近0.5%。這些美國主要股指的期貨合同顯示，週三早上股市預計會面臨新的壓力。

Some analysts suggested that the late collapse could have been driven by investors selling exchange traded funds (ETFs), passive investment vehicles that typically rebalance their portfolio towards the end of the trading day.

部分分析師暗示，尾盤的崩盤或許是由拋售交易所交易基金(ETF)的投資者導致的。ETF是一種被動投資工具，通常會在交易日快結束時對投資組合開展再平衡。