Investing.com – Stocks sold off Thursday as trade and economic worries took over markets a day after Federal Reserve Chairman Jerome Powell painted a rosy picture on the domestic economy.
The were off 0.52%. The was down 0.3%, and the index dropped 0.14%.
The was pulled down by weakness in Walgreens Boots Alliance (NASDAQ:), 3M Company (NYSE:), Caterpillar (NYSE:) and Boeing (NYSE:). Boeing was off 1.7% on continued controversy over the 737 Max airliner’s developement and subtracted 40 points from the Dow by itself.
Apple (NASDAQ:) was up 2.1% after reporting better-than-expected fiscal-fourth-quarter results, was the leader, adding more than 33 points. Apple also contributed 13.4 points to the index. That index, however, ended the day flat.
The slump was set off by a Bloomberg News report suggesting China may well resist signing a comprehensive trade deal, in part because its leaders don’t trust President Donald Trumps’s impulsive nature. The was down as many as 268 points before bargain hunting set in and cut the Dow’s loss nearly in half.
In economic news, the fell 43.2 for October, its lowest level since Dec. 2015.
The S&P 500 reached news highs during the month and ended up nearly 1.9%. The had a more modest 0.25% gain. The Nasdaq jumped 3.5%, thanks to big gains in tech stocks, including Apple (NASDAQ:), Facebook (NASDAQ:) and a host of chip stocks.
finished lower, mostly because of the trade worries. Gold jumped as investors sought safety from the stock pullback.
Interest rates moved lower with the Treasury yield falling to 1.686% from Wednesday’s 1.796%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.