U.S. stocks ended a tumultuous session with sharp losses on Thursday after Wall Street dawned on the possibility that a prolonged U.S.-China trade spat may...
U.S. stocks ended a tumultuous session with sharp losses on Thursday after Wall Street dawned on the possibility that a prolonged U.S.-China trade spat may be a more likely outcome than a near-term truce. The S&P 500 SPX, -1.19% fell 1.2% to finish around 2,822. The Dow Jones Industrial Average DJIA, -1.11% shed 286 points ,or 1.1%, to end around 25,490, based on preliminary numbers. The Nasdaq Composite COMP, -1.58% slipped 1.6% to finish near 7,628.
Appetite for risk assets soured after analysts said a trade war may no longer be a tail risk and instead the baseline scenario. The stock-market jitters aided the bond-market's rally, with the 10-year Treasury yield fell to around 2.30%, its lowest level since Oct. 2017. Debt prices move in the opposite direction of yields. Prices for West Texas Intermediate oil CLN19, -5.26% fell 5.7% to $57.91 a barrel, marking its biggest drop for the year. Shares of Best Buy Co. BBY, -4.84% slumped 4.
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