A report that Beijing was increasingly reluctant to agree to a broad trade deal pursued by President Donald Trump weighed on sentiment early.But White House economic adviser Larry Kudlow helped ease some anxiety, saying it was possible U.S. and Chinese trade negotiators could make progress when they meet in Washington, and said the United States was open to looking at what proposals Beijing brought.
"The markets are trying to come up with some expectation for the outcome of trade talks and figure out where and how they want to price it in," said Shawn Cruz, manager of trader strategy at TD Ameritrade in Jersey City, New Jersey.The Dow Jones Industrial Average fell 95.7 points, or 0.36per cent, to 26,478.02, the S&P 500 lost 13.22 points, or 0.45per cent, to 2,938.79 and the Nasdaq Composite dropped 26.18 points, or 0.33per cent, to 7,956.29.
"We had a pretty good rally back from the lows on Friday, and we're sort of back into the middle of the recent trading range," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey."Investors are trying to balance what seems like a weaker economy with low interest rates. What could change it could be something coming out of the talks with China this week.
General Motors Co eased 0.5per cent after the UAW rejected the carmaker's latest offer of a four-year labor contract.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
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