AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

US stocks end lower as China tensions end 3-day Dow streak

The Dow Jones Industrial Average finished at 25,400.64, down 0.6 percent and ending a three-day winning streak.
Published May 28, 2020
  • The Dow Jones Industrial Average finished at 25,400.64, down 0.6 percent and ending a three-day winning streak.

NEW YORK: Wall Street stocks ended lower Thursday following a late-afternoon retreat on growing US-China tensions, as markets digested more bad economic data following coronavirus shutdowns.

The Dow Jones Industrial Average finished at 25,400.64, down 0.6 percent and ending a three-day winning streak.

The broad-based S&P 500 fell 0.2 percent to 3,029.73, while the tech-rich Nasdaq Composite Index shed 0.5 percent to 9,368.99.

Stocks had been in positive territory most of the day but pulled back after US President Donald Trump announced he would hold a press conference on China on Friday.

The announcement follows strong US criticism of a security law allowing China to tighten its grip on Hong Kong.

Trump has also blamed Beijing for the coronavirus outbreak that has killed 100,000 Americans and added new uncertainty to his re-election prospects.

The twin developments have investors fearing the return of a revived US-China trade war.

"At the moment, it's just talk, primarily, but you can't ignore it completely because as we've seen in the past with this kind of thing, once it escalates, it escalates very quickly," said JJ Kinahan, chief market strategist at TD Ameritrade.

Labor Department data showed another 2.12 million people filed for unemployment in the United States last week, pushing total layoffs since the start of the coronavirus crisis to more than 40 million.

New orders for US manufactured goods also plunged 17.2 percent in April, after a similar steep decline in March, the Commerce Department reported.

Though terrible, the data was not significantly worse than expected and investors shrugged it off for most of the day.

Major air carriers had a bad day after American Airlines said it was cutting 30 percent of its management and support staff, the latest example of belt-tightening in the industry as it faces a severe downturn.

American lost 8.4 percent while United Airlines shed 5.9 percent.

Dollar Tree surged 11.6 percent after the no-frills retailer reported higher sales, with same-store sales at its chain Family Dollar surging 15.5 percent.

 

Comments

Comments are closed.