Stocks fall on renewed trade war fears as Wall Street concludes volatile week

📆 2019-08-10 01:03:00
📰 CNBC

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All 3 major U.S. indices closed down today, capping off a wild week amid trade war fears and worries over the global economy. The Dow finished 0.34% lower while the S&P dropped 0.66% and Nasdaq fell 1%.

President Donald Trump told reporters on Friday the U.S. is not ready to strike a trade deal with China. "China wants to do something, but I'm not doing anything yet," Trump said. "Twenty-five years of abuse. I'm not ready so fast."

"The reactions in the markets this week are maybe more of a realization that this trade war is not going to come to a quick end," Gaffney said.. However, stocks came off their lows after Fox Business reported the White House clarified Trump's statements on Huawei, highlighting it is only the U.S. government that is not buying Huawei products. CNBC's Ylan Mui confirmed the clarification.This comes after China decided to stop buying American crops and after the U.S.

Stocks had a wild week, with the major indexes recording their biggest one-day sell-off of the year on Monday. The indexes recovered some of those losses on Tuesday.

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