Wall St muffles after Beijing delegates cancel trips to Montana firms

by   |  VIEW 228
Wall St muffles after Beijing delegates cancel trips to Montana firms

On Friday, the 20th of September 2019, all three key indexes of Wall St. witnessed a sweeping plunge and posted weekly losses despite a Fed rate-cut this week after a 30-member team of Chinese delegates led by Chinese vice minister of commerce had cancelled a planned visit to two of US agricultural firms following US President’s comment that a purchase of more firm goods would do no good to stamp a trade deal.

Meanwhile, followed by another Sino-US trade talk that ended prematurely without any concrete plan to resolve deep differences between the trade-war-struck nations, investors’ optimism was battered heavily on Friday’s (September 20th) market which eventually took a death toll on stocks highly exposed to Chinese exports, while Dow posted a weekly plunge of 1.05 per cent, S&P reported a 0.52 per cent weekly fall and Nasdaq nudged 0.72 per cent lower this week.

Besides, followed by Montana Farm Bureau’s Friday’s (September 20th) statement that the Chinese delegates had decide against their earlier plans to visit US firms next week and would return to China earlier than previously scheduled, major Wall St.

stock index nosedived into a negative territory, while expressing steep concerns over latest China move signalling further protraction of a Sino-US trade spat entered into its second year, a market analyst at Baird in Milwaukee, Willie Delwiche said, “In this case, it’s a bit more concerning because it’s China making the decision, rather than Trump.

” Citing statistics, on Friday’s (September 20th) market closure, Dow fell 0.59 per cent to 26,934.46, benchmark S&P 500 shrugged off 0.49 per cent, while leading the downward spirals on Friday’s (September 20th) market, Nasdaq composite curbed 0.80 percent to wrap up the day at 8,117.67.