Investing.com – Stocks were slumping Wednesday afternoon as investors wrapped their arms around the idea a Phase One trade deal between the United States and China is stalled and probably won’t get signed this year.
- The were off 0.84%, or more than 230 points at 1:22 p..m. ET (18:22 GMT). The was off 0.8%, and the was down 1%. If the Dow’s loss holds, it would be the first time since early October the blue-chip index had fallen 100 or more points on successive days.
- The selling was prompted by reports from Reuters and The Wall Street Journal that the two sides have reached impasses on two key points: How much China will commit to spending on agricultural products and whether the United States will lift tariffs on U.S. imports. China won’t commit to a specific dollar amount. The United States won’t lift tariffs without commitments. Tariffs are to be expanded on Dec. 15.
- Stocks surged to record levels on repeated assurances from Trump Administration officials that the deal was close to being finalized. Initial plans for a signing ceremony in October, perhaps before Christmas, have been put on hold.
- The selling came despite bullish quarterly results from retailers Target (NYSE:) and Lowe’s Companies (NYSE:).
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