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US Market falls on U.S.-China trade worries

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The US stock market finished shortened session lower on Friday, 29 November 2019, snapping four sessions winning streak, triggered amid mounting concerns about growing tension between Beijing and Washington after a bill supporting Hong Kong protesters was signed by President Trump late on Wednesday. At closing bell, the Dow Jones Industrial Average fell 112.59 points, or 0.4%, to 28,051.41 while the S&P 500 slipped 12.65 points, or 0.4%, to finish at 3.140.98. The Nasdaq Composite fell 39.7 points, or 0.5%, to end at 8.665.47.. The New York Stock Exchange and the Nasdaq closed early at 1 p.m. Eastern on Friday after the U. S. Thanksgiving holiday closed markets Thursday. For the week, the Dow was up 0.6%, the Nasdaq gained 1.7%, and the S&P 500 rose 1%.

For the month, the S&P rose 3.4%, the Dow climbed 3.7%, and the Nasdaq gained 4.5%.

The markets commenced trading with weak note due to uncertainty over the potential impact on ongoing trade negotiations between Washington and Beijing after the signing of bills by U. S. President Donald Trump in support of Hong Kong protesters on Wednesday. China strongly condemned the actions of the U. S., with the country's Ministry of Foreign Affairs saying on Thursday that Washington had sinister intentions. Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill. That comes as an anticipated phase one trade deal between the U. S. and China remains elusive ahead of Dec. 15, when additional tariffs on Chinese exports to the U. S. are set to go into effect.

Tech Data Corp. jumped 12.3% on Friday after the company agreed to be bought by private-equity group Apollo Global Management Tech Data's board unanimously accepted the amended offer of $145 a share.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 02 2019. 09:50 IST