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US-STOCKS-MARKETS
US stocks dip after latest tariff moves
NEW YORK, Aug 24, 2018 (BSS/AFP) – Wall Street stocks retreated Thursday,
with markets eyeing US-China trade talks while President Donald Trump warned
of dire economic consequences from his impeachment.
The Dow Jones Industrial Average finished down 0.3 percent to 25,656.98.
The broad-based S&P 500 shed 0.2 percent to 2,856.98, while the tech-rich
Nasdaq Composite Index dropped 0.1 percent to 7,878.46.
Representatives from Beijing met with their US counterparts in Washington
to try to make headway on an ongoing clash between the two economic giants.
The talks came as the US slapped 25 percent tariffs on $16 billion more in
Chinese goods, prompting retaliatory levies from Beijing.
“Every time you talk about tariffs, it’s not good for equities,” said Mike
Mattioli, portfolio manager at Manulife Asset Management.
Trump, meanwhile, told an interviewer on Fox that his impeachment would
“crash” the stock market. The comments came amid rising speculation of
impeachment after Trump’s former campaign manager was convicted Tuesday and
his ex-lawyer pleaded guilty to criminal charges.
Stocks of US companies with significant China operations were under
pressure, including Boeing, down 0.8 percent, Caterpillar, down 2.0 percent
and Deere & Company, down 1.0 percent.
Harley-Davidson fell 0.2 percent after S&P downgraded its credit rating,
citing weak sales trends in the US market.
Retailer Williams-Sonoma surged 16.4 percent as it boosted its full-year
sales and profit forecast following a 6.1 percent rise in second-quarter
revenues to $1.3 billion.
Analysts were looking ahead to an appearance on Friday by Federal Reserve
Chair Jerome Powell at an annual central banker conference in Jackson Hole,
Wyoming.
BSS/AFP/HR/1005