US markets close in red after Trump, Xi meeting cancellation

Thursday, 07. February 2019 22:00

Equities on Wall Street finished the Thursday's trading session with losses on the dim outlook of the United States-China negotiations. President Donald Trump confirmed earlier speculations he will not meet with his Chinese counterpart Xi Jinping before the March 1, while National Economic Council Director Larry Kudlow stated there was still "a sizeable distance" left to be covered in the trade talks between Washington and Beijing. Meanwhile, the Ford Motor Company announced its plans to invest $1 billion in its plants near Chicago as it aims to expand manufacturing. Walgreens was put on notice by the Food and Drug Administration for allegedly selling tobacco products to underage people.

The Dow Jones Industrial Average closed 0.87% in the red, regaining some ground after session lows. IBM was the biggest loser, losing 2.29%. The Nasdaq 100 was 1.32% lower as Biogen fell 7.36%. The S&P 500 dropped 0.94% at the end of the day with Tapestry Inc. sliding 14.77% following a profit warning.

The euro traded 0.21% in the red at 3:59 pm ET, changing hands for $1.13442. Oil prices also regained some footing, with West Texas Intermediate for March delivery slumped 2.45% to $52.65 per barrel at 4:07 pm ET. Brent for settlement in April lost 1.37% to $61.69.

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Author:
Breaking the News / MD