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US stocks edge lower after Trump address
NEW YORK, Feb 7, 2019 (BSS/AFP) – Wall Street stocks fell modestly
following mixed earnings and an annual presidential address that was seen as
breaking little new ground on economic matters.
About 15 minutes into trading, the Dow Jones Industrial Average stood at
25,370.29, down 0.2 percent.
The broad-based S&P 500 also shed 0.2 percent to 2,733.54, while the tech-
rich Nasdaq Composite Index lost 0.1 percent at 7,395.74.
President Donald Trump, while touting the health of the US economy during
the annual State of the Union Address Tuesday night, said his
administration’s aggressive trade negotiations with Beijing would mean an end
to China’s alleged “theft” of US jobs and wealth.
On Wednesday, US Treasury Secretary Steven Mnuchin told CNBC the US and
China were committed to reaching an agreement by a March 1 deadline when new
US tariffs are set to take effect.
But Briefing.com analyst Patrick O’Hare said a “lot of vagueness” still
clouds the talks.
“The senior players are all coyly dancing around the topic, keeping hope
alive but not necessarily making an agreement sound like a slam dunk,” O’Hare
wrote.
General Motors advanced 1.6 percent after reporting better-than-expected
fourth-quarter earnings behind strong sales of higher-priced vehicles in the
United States and China.
Snap surged 25.8 percent following its report, while Electronic Arts dived
14.7 percent. Disney was flat.
BSS/AFP/HR/0930