It was a wild day on Wall Street Thursday. The health of the global economy has been gnawing at investors, but does the U.S. have anything to worry about?
"The rest of the world does have issues; I don't think they yet apply to the United States," Dick Kovacevich, former Wells Fargo CEO, said on "Closing Bell" Thursday.
A global market sell-off on Thursday was fueled by worries that central bank policies would drag global economies into recession. While there may be a risk of recession in the U.S., the former executive doesn't foresee a recession.
Fed Chair Janet Yellen, on Thursday during her second day of the semiannual congressional testimony, told senators that there's always a chance of recession. "But the evidence suggests that expansions don't die of old age," she said.
Meanwhile, Japan recently introduced negative interest rates into the country's economy, and Europe has continued to support its stimulative policy. European banks tumbled on Thursday as investors questioned the financial sector's ability to perform in a low-rate, low-growth environment.
The Dow Jones industrial average shed as much as 411 points during intraday trading before it cut its losses by nearly half. The Dow closed down 255 points.