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Wall Street close: A mixed outcome as investors brace for phase-one details

  • The Dow Jones Industrial Average climbed 27 points, or 0.1%.
  • The S&P 500 index dropped about 5 points, or 0.2%.
  • Nasdaq Composite index lost 23 points, or 0.2%.
  • US tariffs on Chinese goods are likely to stay in place until after the American presidential election. 

Wall Street's benchmarks ended Tuesday's session mixed as news that existing tariffs on billions of dollars of Chinese goods coming into the US are likely to stay in place until after the American presidential election. 

"Any move to reduce them will hinge on Beijing’s compliance with the terms of a phase-one trade accord, people familiar with the matter said,"

a Bloomberg report explained. 

Consequently, the Dow posting was modest gains and setting a new intraday high despite the news, yet the S&P 500 and Nasdaq notched modest losses with fourth-quarter results from several major financial firms seeped in while earnings season began.

Earnings season kicks off in earnest

We had better-than-expected earnings reports from Citigroup Inc. and in the Dow component JPMorgan Chase & Co. while Citi's stock gaining 1.6% on the day. JP Morgan added  1.2%. Wells Fargo & Co, however, disappointed and the bank's shares fell 5.4%.

The Dow Jones Industrial Average climbed 27 points, or 0.1% to close the day at around 28,935, the S&P 500 index dropped about 5 points, or 0.2% to close at 3,283 while the Nasdaq Composite index lost 23 points, or 0.2% to end at approximately 9,251.

Dow levels

 

 

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