Wall St. loses early gains as trade concerns abound

NEW YORK - U.S. stocks closed lower on Tuesday, with initial gains giving way to declines as the likelihood of a prolonged trade war between the United States and China once again kept risk appetite in check.

“The market holds up well, but then the weak hands take over late in the day,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. The uncertainty has pushed investors toward safe-haven assets, which resulted in benchmark 10-year U.S. Treasury yields dropping to their lowest since October 2017, while the spread between the 10-year and 3-month bills narrowed to nearly a 12-year low.

The tech sector, which is down 7.3% this month, also gave up early gains and turned negative despite a boost from a 4.72% jump in Total System Services Inc. The Dow Jones Industrial Average fell 237.32 points, or 0.93%, to 25,348.37, the S&P 500 lost 23.91 points, or 0.85%, to 2,802.15 and the Nasdaq Composite dropped 29.66 points, or 0.39%, to 7,607.35.

This does call for prayer.

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