US stocks retreat on economy and trade jitters

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NEW YORK (REUTERS) - Wall Street stepped back from last week's record highs on Monday (Dec 2), with weak US manufacturing data and fresh trade worries keeping buyers on the sidelines.. Read more at straitstimes.com.

NEW YORK - Wall Street stepped back from last week's record highs on Monday , with weak US manufacturing data and fresh trade worries keeping buyers on the sidelines.

"The weaker-than-forecast manufacturing data doesn't help,"said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York."That trend is likely to continue in the short term." Earlier, US President Donald Trump tweeted that he would restore tariffs on steel imported from Brazil and Argentina, boosting shares of US steel makers US Steel Corp and AK Steel Holding Corp by 4.2% and 4.7%, respectively.

A senior adviser to Trump said on Monday it was still possible that a deal with China could be reached by the end of the year. The Dow Jones Industrial Average fell 267.35 points, or 0.95%, to 27,784.06, the S&P 500 lost 27 points, or 0.86%, to 3,113.98 and the Nasdaq Composite dropped 97.48 points, or 1.12%, to 8,567.99.

 

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