US-China trade tension pushes Dow into red | Financial


The Dow-Jones index ended 0.4 percent lower at 24,474.12 points. The broad S&P 500 went down 0.8 percent to 2,948.51 points, and technology exchange Nasdaq lost 1 percent to 9,284.88 points.

Trump wrote on Twitter about an alleged “attack of disinformation and propaganda on Europe and the United States” from China. He added “that everything is driven from the top,” suggesting that his colleague Xi Jinping has a direct hand in the campaigns.

Sino-American relations are also hit by a law passed by the Senate. That new legislation could lead to Chinese companies with an American stock exchange listing being able to lose that listing. This could have consequences for Chinese tech companies Alibaba (minus 2.1 percent) and Baidu (plus 1.4 percent).

Attention was also paid to department store chain Macy’s, which saw sales plummet due to store closings in the first quarter. Nevertheless, the share was put 5.9 percent higher. Another retail chain, Best Buy, reported declining sales and profits, losing nearly 4.4 percent. L Brands skyrocketed 18.2 percent after announcing to close many of Victoria’s Secret stores.

The euro was worth $ 1.0945, compared to $ 1.0954 when the European stock markets closed. A barrel of American oil gained 1.5 percent in value at $ 34.01. Brent oil became 1 percent more expensive at $ 36.13.

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