Wall Street ended lower on Thursday , a day after hitting two-month highs, on a fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world's two largest economies.
"It seems like China is going to be used as a punching bag for the upcoming elections," said Bob Shea, CEO and co-chief investment officer at TrimTabs Asset Management in New York."The White House has resolved to itself that it is more effective to swing at China than to salvage what was going to already be a watered-down Phase 1 trade deal. You don't score any points for that," Shea said.
The Nasdaq is about 5 per cent below its February record high, fuelled in recent weeks by gains in Microsoft, Amazon.com and other technology heavyweights that many investors expect to emerge from the crisis stronger than smaller rivals.Unofficially, the Dow Jones Industrial Average fell 100.21 points, or 0.41 per cent, to 24,475.69, the S&P 500 lost 23.1 points, or 0.78 per cent, to 2,948.51, and the Nasdaq Composite dropped 90.90 points, or 0.97 per cent, to 9,284.88.
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Tiny dip Thursday (last night Sydney time) and media wage fear and anxiety:
Wall Street finished lower because jobless claims wasn’t high enough.
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