NEW YORK: Wall Street stocks ended lower on Thursday following a late-afternoon retreat on growing US-China tensions, as markets digested more bad economic data following coronavirus shutdowns.
Stocks had been in positive territory most of the day but pulled back after US President Donald Trump announced he would hold a press conference on China on Friday. Trump has also blamed Beijing for the coronavirus outbreak that has killed 100,000 Americans and added new uncertainty to his re-election prospects.The twin developments have investors fearing the return of a revived US-China trade war.
Labor Department data showed another 2.12 million people filed for unemployment in the United States last week, pushing total layoffs since the start of the coronavirus crisis to more than 40 million.New orders for US manufactured goods also plunged 17.2 per cent in April, after a similar steep decline in March, the Commerce Department reported.
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Source: The Straits Times - 🏆 8. / 63 Read more »