Economics
Tech Decline Overrides U.S.-China Trade Optimism: Markets Wrap
- Oil topped $70 as Hurricane Florence heads for East Coast
- Dollar index weakened by the most in more than two weeks
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U.S. stocks were mixed as a slump in technology and financial shares offset optimism that trade talks with China will resume before the Trump administration imposes another round of tariffs. Crude oil posted its best two-day increase since June.
The Dow Jones Industrial Average was whipsawed by a Wall Street Journal report that the U.S. was reaching out to Chinese officials, fluctuating by over 200 points. Comments later from 3M’s chief financial officer on rising raw material costs helped to push the Dow into the red. The Nasdaq was lower much of the day, while the S&P 500 was little changed. Chipmakers dropped earlier after Goldman and Stifel downgraded several U.S. peers amid mounting industry concerns.