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08-Sep2018

US markets close lower as Donald Trump hints at more China tariffs

The US markets ended in red  on Friday with losses of around quarter a percent, capping off a volatile week for investors as rising trade fears and a tech sell-off led to broad weekly losses. Sentiments were weak after President Donald Trump said the U.S. is ready to slap tariffs on an additional $267 billion worth in Chinese goods. His remarks come after a deadline for comments regarding tariffs on another $200 billion in Chinese goods had passed last night. Meanwhile China's Commerce Ministry has warned it will be forced to roll out necessary retaliatory measures if the U.S. imposes any new tariffs. Further, cautiousness also prevailed in the markets on reports that that the U.S. and Canada will likely end the week with no trade deal in place.

Besides, Investors grappled with a sharp decline in Technology stocks this week, this year's best-performing sector. Tech fell nearly 3 percent as Wall Street fretted over potential regulation for companies in the sector, especially social media giants like Twitter and Facebook. Their shares fell 13.3 percent and 7.2 percent this week, respectively, after top executives for the top two companies testified before Congress on how to stop online abuse and election meddling.

Dow Jones Industrial Average dropped 79.33 points or 0.31 percent to 25916.54, the S&P 500 declined 6.37 points or 0.22 percent to 2871.68 and Nasdaq was down by 20.18 points or 0.25 percent to 7902.54.


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