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US-STOCKS-MARKETS
US stocks end near flat; Tesla retreats
NEW YORK, Aug 9, 2018 (BSS/AFP) – Wall Street stocks ended near flat on
Wednesday as the United States and China continued to spar over trade policy
and as Tesla pulled back following a surprise go-private proposal from its
chief.
The Dow Jones Industrial Average dropped 0.2 percent to 25,583.75.
The broad-based S&P 500 slipped less than 0.1 percent to 2,857.70, while
the tech-rich Nasdaq Composite Index added 0.1 percent at 7,888.33.
China said it would impose 25 percent tariffs on a further $16 billion of
US goods starting on August 23, making good on its promise to retaliate
against new American levies announced late Tuesday on $16 billion in goods
set to take effect the same day.
Analysts said markets were also consolidating recent gains and that trading
volumes were low, with many traders on holiday.
“The market is looking for direction after earnings season,” said Adam
Sarhan of 50 Park Investments. “It’s normal to see a pause.”
One day after Chief Executive Elon Musk stirred investors with a surprise
proposal to take Tesla Motors private, shares of the electric automaker fell
2.4 percent as some analysts expressed skepticism.
Snapchat parent Snap was another weak stock, falling 6.7 percent after the
company reported a drop in daily active users. Among other companies
reporting earnings, Dow member Disney fell 2.2 percent, while CVS Health
gained 4.1 percent.
Leading petroleum producers such as ExxonMobil and Chevron fell on a
pullback in oil prices.
BSS/AFP/HR/1008