Wall Street treads water following recent rally
NEW YORK - U.S. stocks ended near flat and the Dow snapped a six-day winning streak on Tuesday, as investors paused following a run of gains and fresh worries emerged over the U.S. trade war with China.
Separately, Trump said he would impose more tariffs on Chinese imports if there was no progress in talks with Chinese President Xi Jinping at the Group of 20 summit later this month. “What we’re seeing today is the more pessimistic view on what might happen by the end of the month. Most selling in the month of May could be put down to China and Mexico.”
Industrials and utilities indexes led the way lower Tuesday, with the S&P 500 industrial index falling 0.9%, weighed down by losses in United Technologies Corp and Raytheon Co. The market is betting the Fed will cut interest rates in July and cut two more times this year as Trump’s hard bargaining on trade with Beijing and others could push the economy back into recession.
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