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Major Indices Registered Mixed Results on Wednesday

Author:
Alexandar Machev
Market News

Stocks closed mostly lower Wednesday, as investors grew increasingly skeptical that a U.S.-China trade deal is in the offing, though technology shares were supported by optimism related to Micron Technology’s better-than expected guidance.

The Dow Jones Industrial Average fell 11.4 points, or less than 0.1%, to 26,536.82, but had been as high as 26,669, while the S&P 500 fell 3.6 points, or 0.1%, to 2,913.78, representing a fourth straight decline for the index, its longest string of loses since a similar downturn ended May 9, FactSet data show. The Nasdaq Composite Index rose 25.2 points, or about 0.3%, to 7,909.97, halting a three-session stumble.

Comments from U.S. Treasury Secretary Steven Mnuchin suggesting that a Sino-American trade resolution had been near in an earlier round of talks, provided an early lift to markets. “We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told the financial network in Bahrain.

The U.S. Treasury Secretary said he was “hopeful” that a deal could be struck as the market awaits a sideline conversation between President Donald Trump and Chinese President Xi Jinping at the Group of 20 gathering in Osaka, Japan, which kicks off on Friday.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.