New Delhi, July 17 -- Stocks swung wildly Wednesday after US President Trump first told Republican lawmakers he would fire Federal Reserve Chair Jerome Powell, then publicly reversed course hours later.

At a Tuesday Oval Office meeting, Trump showed lawmakers a draft firing letter and polled them about ousting Powell, receiving enthusiastic support.

The news triggered a 0.8% dollar plunge and stock dip at Wednesday's open . But markets rebounded when Trump told reporters: "We're not planning on doing anything... I think it's highly unlikely" unless Powell committed fraud.

The S&P 500 erased losses to close up 0.3%, while the dollar recovered half its drop.

Experts warned that firing Powell would devastate markets and undermine America...