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Global growth worries slam Wall St. as trade tensions persist


Added 05-23-19 04:03:02pm EST - “U.S. stocks slumped on Thursday as investors dumped shares of technology compani...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Global growth worries slam Wall St. as trade tensions persist”. Below is an excerpt from the article.

NEW YORK (Reuters) - U.S. stocks slumped on Thursday as investors dumped shares of technology companies as well as businesses in cyclical sectors on fears that the escalating trade war between United States and China would stymie global economic growth.

Further fueling trade fears among investors, Beijing said that Washington needs to correct its “wrong actions” for trade talks to continue after the United States blacklisted Huawei Technology Co Ltd last week.

Among the S&P 500’s major sectors, only utilities and real estate, both considered defensive areas, registered gains as investors moved to safe-haven assets such as Treasuries.

Shares of S&P 500 technology and industrial companies, two sectors that have been bellwethers of trade sentiment, fell more than 2%. Shares of S&P 500 companies in the cyclical financial and energy sectors also tumbled, with the 3.8% drop in energy shares leading losses among S&P 500 sectors.

A 5% plunge in oil prices in response to a dampened outlook for demand impeded energy shares, while a drop in 10-year Treasury yields, which hit their lowest level since December 2019, held back financial shares.

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