Finance

Stocks – Wall Street Closes Down After Trump Hits Trade Deal Hopes

Investing.com – Stocks took a dive on Tuesday for a third-straight day after President Donald Trump suggested there won’t be a trade deal with China in 2019 and maybe not until after next year’s election.

The S&P 500 fell as many as 44 points soon after the open. The Dow Jones industrials were off nearly 458 points before some modest bargain hunting set in and the president, who was attending a NATO meeting in London, withdrew for the night.

The bargain hunting helped cut the day’s losses substantially. The S&P 500 closed down 0.66%. The Nasdaq Composite dropped about 0.55%. The Dow ended off 1.01%, in part because of weakness in Apple (NASDAQ:AAPL), Goldman Sachs (NYSE:GS), Boeing (NYSE:BA) and Home Depot (NYSE:HD).

The bargain hunting helped cut the day’s losses substantially. The S&P 500 closed down 0.66%. The Nasdaq Composite dropped about 0.55%. The Dow ended off 1.01%, in part because of weakness in Apple (NASDAQ:AAPL), Goldman Sachs (NYSE:GS), Boeing (NYSE:BA) and Home Depot (NYSE:HD).

Much of the initial selling came so quickly after the open that it appeared to be computer driven.

Then, humans slowly bid stocks up and forced the market to recover at least some of its losses.

The Dow’s loss was its largest since Oct. 8. The losses the S&P 500 and NASDAQ Composite proved smaller than their Monday losses.

The Dow’s loss was its largest since Oct. 8. The losses the S&P 500 and NASDAQ Composite proved smaller than their Monday losses.

The market has regularly jumped when the President or other officials working on the China trade talks have said a deal is on track. Wall Street may become skeptical about the assurances going forward.

The market has regularly jumped when the President or other officials working on the China trade talks have said a deal is on track. Wall Street may become skeptical about the assurances going forward.

Nine of the 11 S&P 500 sectors were lower, with energy, financial and industrial stocks suffering most. Utilities and real estate were the only winners as investors looked to them for safety. They also bid up bonds and gold.