Stocks – Wall Street Slumps Again on U.S.-China Tensions

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEB9811D_M.jpg
© Reuters. © Reuters.

Investing.com – Stocks fell for a second-straight day as worries about the U.S.-China trade talks, set to begin this week, proved strong enough to stall a recovery bid.

The finished at its low on the day, down 1.56%. The , which had fallen as many as 338 points early in the day, finished down 1.2% or 314 points. The fell 1.67%.

Chip and biotech stocks were among the hardest-hit group.

The decline left the S&P and more than 4% off from their summer peaks. The Nasdaq is off nearly 6%.

China was the big weight on the market, starting with last night’s announcement that the Trump Administration won’t let eight Chinese companies and a number of police departments buy technology products that can be used in surveillance.

Tuesday afternoon, the U.S. said it will impose visa bans on Chinese communist party officials linked to abuse in China’s Xinjiang province, where some million ethnic Uighurs have been put in detention camps.

The China news offset a positive reaction to Federal Reserve Chairman Jerome Powell’s announcement the central bank will be buying securities to provide enough liquidity in the banking system.

Oil and gold prices were lower. Interest rates moved up.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.