Sun, 12 Jul 2020

Wall Street reverses court over Twitter, China concerns

Lola Evans
29 May 2020, 07:54 GMT+10

NEW YORK, New York - U.S, stocks ran out of steam on Thursday with fears about the worsening U,S.-China relationship taking center-stage.

"We are concerned it's saber rattling with China... It was just a big selloff because of that," Tim Ghriskey, chief investment strategist at Inverness Counsel in New York City told the Reuters Thomson news agency Thursday.

Also impacting the market were threats by U.S. President Donald Trump to rein in social media companies after his spate with Twitter a day earlier. Facebook in particular lost ground over the threats.

At the close on Thursday, the Dow Jones Industrial Average was down 147.63 points, or 0.58%, at 25,400.64.

The Standard and Poor's 500 fell 6.4 points, or 0.21%, to 3,029.73.

The Nasdaq Composite weakened by 43.37 points, or 0.46%, to 9,368.99.

The U.S. dollar was weaker across the board. The euro was flexing its muscles Thursday, seeing out the New York session at 1.1070, an 8-week high. The British pound rose to 1.2318. The Japanese yen was slightly stronger at 107.61. The Swiss franc firmed to 0.9641.

The Canadian dollar strengthened only marginally, to 1.3774. The Australian and New Zealand dollars likewise only rose a fraction, to 0.6626 and 0.6189 respectively.

Overseas, the London FTSE 100 jumped 1.21%. The German Dax closed 1.06% higher while the Paris-based CAC 40 climbed 1.76%.

On Asian markets, the Hong Kong Hang Seng closed lower however the losses were not significant. The key index lost 168.60 points or 0.72% to 23,132.76.

In Japan the contrast was obvious. The Nikkei 225 jumped 497.08 points or 2.32% to 21,916.31.

China's Shanghai Composite gained 9.42 points or 0.33% to 2,846.72.

The Australian All Ordinaries gained 72.90 points or 1.24% to 5,957.80.

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