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The Closing Bell: U.S. Stocks Fall As Focus Builds On Trump
FYI: U.S. stocks turned lower Tuesday as disappointing economic data renewed concerns about slowing growth and Congressional Democrats planned to discuss whether to pursue impeachment proceedings against President Trump.
New data on consumer confidence and manufacturing intensified worries that economic weakness elsewhere in the world could spread to the U.S. A measure of consumer confidence dropped in September from the prior month, and a gauge of manufacturing activity across mid-Atlantic states softened in September.
In Washington, House Democratic leaders planned to hold an all-caucus meeting Tuesday to discuss whether to pursue the impeachment of President Trump following reports he had pressed Ukraine to investigate Democratic presidential candidate Joe Biden and his son.
The Dow Jones Industrial Average fell 141 points, or 0..52%, after earlier rising as much as 129 points. The S&P 500 dropped 0.84%, as nine of its 11 sectors slumped. Only the consumer staples and utilities sectors were holding onto gains. The tech-heavy Nasdaq Composite shed 1.46%.
The indexes had opened higher on hopes that trade talks would shortly resume. Treasury Secretary Steven Mnuchin told Fox Business on Monday that high-level talks will start again the week after next, while other media reported Chinese importers recently bought a sizable amount of U.S. soybeans.
Elsewhere, the Stoxx Europe 600 edged up less than 0.1%, following a session of gains in Asia. The Shanghai Composite gained 0.3% and Hong Kong’s Hang Seng rose 0.2%.
