US Stocks Winning Streak Ends Amid Angst Over Trade
Fakhir Rizvi Published January 23, 2019 | 10:57 AM
Wall Street's four-session winning streak ended with a thud on Tuesday amid revived worries over US-China trade relations and a sense the January rally is fading
New York, (UrduPoint / Pakistan Point News - 23rd Jan, 2019 ) :Wall Street's four-session winning streak ended with a thud on Tuesday amid revived worries over US-China trade relations and a sense the January rally is fading.
The Dow Jones Industrial Average finished down 1.2 percent at 24,404.48.
The broad-based S&P 500 dropped 1.4 percent to 2,632.90, while the tech-rich Nasdaq Composite Index tumbled 1.9 percent to 7,020.36.
Stocks were in the red the entire session, a shift from the trend since late December, when investors loaded up on equities after a sell-off earlier that month.
But many analysts now feel the market could be primed for another pullback after four weeks of nearly unbroken gains.
Wall Street had started Tuesday in a gloomy mood a day after the International Monetary Fund had trimmed its global growth forecasts, citing US-China trade uncertainties, Brexit and other factors.
Adding to that unease on Tuesday were afternoon reports in The Financial Times and CNBC that the United States had rejected Beijing's offer to hold a preparatory meeting in Washington ahead of next week's high-level trade talks.
The White House denied the report shortly before the closing bell, lifting stocks a bit but not enough to push them into positive territory.
Among individual companies, Johnson & Johnson dropped 1.4 percent after projecting 2019 sales and profits below analyst expectations. The company, which is embroiled in lawsuits alleging cancer links to its talcum powder, reported a jump in litigation costs.
Aluminum parts company Arconic sank 16 percent after it ended plans to potentially sell itself. The company had reportedly been in talks to be acquired by Apollo Global Management for more than $10 billion.
EBay surged 6.1 percent amid speculation it could break up as it faces pressure from shareholders.
Activist fund Elliott Management, which owns four percent of the company, released a letter calling for an overhaul of the company's operations and "substantial" shareholder payouts.
Related Topics
Recent Stories
LHC sets aside ECP's notice on vote recount plea in NA-79
New pulses varieties imperative to cater domestic food requirements: Dr Khalid H ..
ASI suspended for manhandling mobile snatcher
Addit’l FS receives journalists from UAE, KSA
Literary activities continue in book fair by ICT admin
Russia, Ukraine to exchange displaced children after rare talks
MNAs for favorable wheat procurement terms to benefit farmers
Bolt named ICC Men’s T20 WC 2024 ambassador
Raja Qamar, Chairman RBISE visit Intermediate exam centers, review arrangements
Punjab Health Minister Khawaja Salman Rafique assures action after DHQ Gujrat in ..
LHC sets aside notice issued by ECP on vote recount plea in NA-133
Envoys call on FM; pledged to further strengthen bilateral ties
More Stories From Business
-
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
14 minutes ago -
CEO KP-EZDMC meets CRBC officials
22 minutes ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
50 minutes ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
1 hour ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
1 hour ago -
Revised UAF budget recommended
1 hour ago
-
IDEA, TEVTA organizes Job Fair for youth
1 hour ago -
Massive financial, administrative scam unearthed at SCCI
2 hours ago -
FCCI welcomes Iranian president's visit
2 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
3 hours ago -
Jam Kamal leads efforts to enhance IT Capacity for trade monitoring
4 hours ago -
SECP pushes adoption of IFRS 17 by Insurance sector
5 hours ago