The S&P/ASX200 closed nearly 1% lower at 7,051 - but it could have been much worse... As the local market sank by 2% through 7000 in the first hour of trade, last month's near all time high seemed a distant memory. But then beaten down growth stocks were bought including Xero, Iress, REA Group and Tyro. Pendal ended 9% higher after an earnings beat and upbeat outlook. US futures showed a glimmer of hope through the afternoon session, Chinese markets were positive and Bitcoin added 5%. Have we hit peak fear? That being said, only the telco sector was spared from selling, with energy and materials jostling for the wooden spoon.

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