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05-Dec2018

US markets end lower as trade jitters return

After gaining in the previous session, the US markets ended lower with cut of over three percent on Tuesday, with the Dow Jones Industrial Average dropping by almost 800 points, as investors worried that a US-China trade truce reached over the weekend was not all it was cracked up to be. Doubts surrounding the US and China's ability to achieve a concrete deal to avoid new, or expanded, bilateral tariffs are rising, as investors focused on the lack of specific concessions made by China at last weekend's G-20 meeting in Argentina, where President Donald Trump and Chinese President Xi Jinping met. Meanwhile, confusion spread when exactly the 90-day timeline would begin, after White House economic adviser Larry Kudlow mistakenly stated that the negotiating window would begin on January 1, 2019. The White House later put out a correction, stating that it began on December 1.

Besides, sentiments were down beat as the yield on two-year notes rose above the yield on five-year notes, which is seen as an indicator of an upcoming economic slowdown. Moreover, profit taking contributed to the sell-off following the strong gains posted on Monday. The markets will be closed Wednesday as the nation stops to mourn former President George H.W. Bush, who died Friday at 94.

Dow Jones Industrial Average dropped 799.36 points or 3.10 percent to 25027.07, S&P 500 plunged 90.31 points or 3.24 percent to 2700.06 and Nasdaq was down by 283.09 points or 3.80 percent to 7158.43.


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