“Their markets closed flat but there was so much volatility.

“The possible choreography is that President Donald Trump does (trade) deals with individual countries, or a lot of countries and trade blocs do their own deals without the US.”

The Dow Jones Industrial Average, down 0.91% to 37,965.6, fell more than 1700 points during its session and then improved 2595 points in a record reversal.

Both the S&P 500 and Nasdaq Composite fell as much as 5% before closing at 5062.25 (down 0.23%) and 15,603.26 (up 0.099%) respectively.

Trading volumes of 29 billion shares on Wall Street were the highest level in 18 years.

Across the Tasman, the S&P/ASX 200 Index had risen 2.03% to 7492.1 points at 6pm NZ time.

Back home, the NZ Institute of Economic Research’s Quarterly Survey of Business Opinion, started in 1961, showed a further lift in business confidence in the three months ending March – with a net 23% of firms expecting general economic conditions to improve over the coming months on a seasonally adjusted basis, up from the net 9% in the previous quarter.

The measure of firms’ trading activity continued to suggest weak demand, with a net 21% of firms reporting a decline in activity in their own business.

The continued weakness in demand is still driving caution with hiring and investment – a net 17% of firms reduced staff in the March quarter, and firms are planning to reduce investment in buildings, plant and machinery.

ANZ said the survey data shouldn’t rock the boat much before the Official Cash Rate (OCR) announcement.

“We continue to expect a 25 basis-points cut but also, given global developments in recent days, a clear acknowledgement of heightened downside risks to the outlook.”

Fisher and Paykel Healthcare rebounded 10c to $33.55; Infratil increased 25c or 2.67% to $9.60; Spark was up 4.5c or 2.22% to $2.075; a2 Milk bounced 21c or 2.53% to $8.51; and Fletcher Building came off its 23-year low with a gain of 10c or 3.38% to $3.06.

Freightways collected 14c to $10.15; Chorus increased 21c or 2.73% to $7.91; Fonterra Shareholders’ Fund rose 28c or 5.28% to $5.58; Serko gained 6c or 1.7% to $3.59; and Turners Automotive added 17c or 3.05% or $5.75.

Channel Infrastructure was up 5c or 2.78% to $1.85; Seeka increased 24c or 7.1% to $3.62; Scales Corp collected 16c or 3.96% to $4.20; Synlait Milk gained 3c or 4.17% to 75c; and Heartland Group added 2c or 2.82% to 73c.

Summerset Group increased 21c or 1.95% to $10.98 after reporting 290 sales at its retirement villages for the quarter ending March – comprising 132 new sales and 158 resales.

Total sales were 14% higher than the same period last year, with resales rising 31% and Summerset said it was on track to build 650-730 homes across New Zealand and Australia this year. There was a 32% year-on-year increase in contracted new sale stock.

Interest rate-sensitive stocks came to the fore as long-term bond yields declined. In the energy sector, Meridian gained 11c or 1.96% to $5.73; Mercury was up 15c or 2.66% to $5.78; Contact added 9c to $8.97; and Vector collected 7c or 1.8% to $3.96.

In the property sector, Precinct gained 1.5c to $1.11; Kiwi increased 2.5c or 2.94% to 87.5c; and Argosy added 1c to 99c.

Mainfreight was down $1.04 or 1.8% to $56.76 Skellerup decreased 12c or 2.79% to $4.18; Vulcan Steel fell 51c or 6.3% to $7.58; Sanford declined 17c or 3.49% to $4.70; South Port NZ shed 28c or 4.67% to $5.72; and The Warehouse was down 4c or 4.76% to 80c.

Santana Minerals rebounded 1.5c or 3.09% to 50c (down 11.82% the day before) after delaying its application for the Central Otago Bendigo Ophir Gold Project under the Fast-track Approvals Act to no later than June 30.

Santana said key consultant reports would not be delivered on time for the application to be submitted by the end of the month.