Stocks Move Lower Again as Trade War Anxiety Lingers

Stocks Move Lower Again as Trade War Anxiety Lingers
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Banks and technology companies led stocks broadly lower on Wall Street, extending a two-week slide brought on by escalations of the trade conflict between the U.S. and China that investors fear will slow down the global economy and more in Monday’s Stock Market Update. The Dow Jones Industrial Average fell almost 400 points. The sell-off adds to losses that the market racked up last week amid heightened anxiety over the U.S. China-trade war . An escalation in tensions this month between the world’s largest economies has stoked worries that the fallout from the costly trade conflict will undercut an already slowing global economy. Traders have responded by selling stocks and buying government bonds. “Trade and the concern that as this escalates it continues to wear on confidence to a point that this actually causes a recession, that’s what people are wrestling with,” said Ben Phillips, chief investment officer at EventShares. Traders continued to shift money into bonds Monday, sending bond prices higher. That pulled down the yield on the 10-year Treasury to 1.64% from 1.73% late Friday. The yield is used as a benchmark for interest rates on mortgages and other consumer loans. The drop in bond yields weighed on financial sector stocks. Bank of America fell 2.4% and Citigroup gave up 2.7%. Credit card issuer Synchrony Financial slid 3.8% and Capital One Financial dropped 2.2%. Technology, health care and consumer discretionary sector stocks accounted for much of the market’s decline. Symantec dropped 5.7%, Nektar Therapeutics slumped 11.1% and […]

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