Wall St. flat to end lacklustre August as China tariff loom amid US holiday

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Wall St. flat to end lacklustre August as China tariff loom amid US holiday

On Friday, the 30th of August 2019, key indexes of Wall St. had sketched out a mixed depiction in context of a withering turn of event on Sino-US trade spat amid China’s stringent stance on trade, while potential investors seemed to be afraid of a downward spiral ahead of a fresh round of tariffs scheduled to be taken place by September 1st.

In point of fact, at the end of a stormy week, that bears the brunt of trade warfare between United States and China, August delivered benchmark S&P 500’s worst monthly drop since May, while investors fled to safe-haven assets likes of gold alongside government bonds, leaving financial markets across the world dried up.

Meanwhile, referring to a three-day-holiday in United States, which had also contributed to Friday’s (August 30th) jejune market activity, a director at Per Stirling Capital Management in Austin, Texas, Robert Phipps said, “People are becoming more defensive going into the weekend because we have three days where we can’t react to news and it’s three days that have a lot of uncertainty associated with them because of the tariffs.

” Citing statistics, on Friday’s (August 30th) market closure, the trade-sensitive Dow edged higher to wrap up the day up by 0.16 per cent to 26,403.28 over optimisms of another leg of face-to-face talks between trade negotiators of Washington and China, while benchmark Standard & Poor 500 ended the day almost flatlined to 2,926.46 and Nasdaq shed 0.13 per cent to round off Friday’s (August 30th) market at 7,962.88.