NEW YORK: The benchmark S&P 500 stock index edged lower on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports.
Uncertainty over whether the United States and China could resolve their long-running trade dispute increased after the U.S. House of Representatives riled Beijing by passing pro-democracy legislation in support of Hong Kong. Analysts currently expect S&P 500 third-quarter earnings to have fall by 3per cent, which would mark the first year-on-year contraction since the earnings recession that ended in 2016.
The Dow Jones Industrial Average rose 18.19 points, or 0.07per cent, to 27,042.99, the S&P 500 lost 3.71 points, or 0.12per cent, to 2,991.97 and the Nasdaq Composite dropped 25.20 points, or 0.31per cent, to 8,123.51.
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