US stocks retreat after brief trade war rally

NEW YORK: US stocks retreated on Tuesday , pulling back from the short-lived optimism on the trade war with China that inspired a brief rally to start the week.

The broader S&P 500 fell 9.22 points to close at 2,869.16, while the tech-heavy Nasdaq lost 26.79 points to end at 7,826.95. Charles Schwab analysts said"early gains that came amid cooled trade tensions between the US and China fell victim to worries surrounding the persistent decline in bond rates, with the inversion between the 2-year and 10-year Treasury notes widening to heighten recession concerns."Chris Low of FTN Financial said investors were absorbing the reality that, despite Trump's rosy forecasts on Monday about the chances for a trade deal, the two sides were in fact no closer.

Source: News Formal (newsformal.com)

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