REUTERS: Wall Street receded on Thursday, a day after hitting two-month highs, on a fresh wave of China-U.S. tensions, raising doubts about the trade deal reached early this year between the world's two largest economies.
The recent souring relations between the world's two largest economies over the coronavirus pandemic has raised doubts about the Phase 1 trade deal signed earlier this year, interrupting a rally on the U.S. stock market. "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 S&P 500 has surged over 30per cent from its March low, but remains down more than 12per cent from its February record high.
At 2:22 p.m. ET, the Dow Jones Industrial Average was down 0.11per cent at 24,547.99 points, while the S&P 500 lost 0.42per cent to 2,959.2. The Nasdaq Composite dropped 0.47per cent to 9,331.64.Best Buy Co Inc fell 3.6per cent after the electronics retailer reported a 5.3per cent drop in quarterly same-store sales due to the virus.
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