Indexes Wilt as Investors Weigh China Tensions, Fed Comments
Stocks slumped on Tuesday as investors weighed increased tensions between the U.S. and China with House Speaker Nancy Pelosi’s Taiwan visit and reacted to comments from Federal Reserve Presidents about the central bank’s path forward. The Dow Jones Industrials swooned 402.23 points or 1.2%, to end Tuesday at 32,396.17, weighed down by Caterpillar, which shed more than 3% after reporting disappointing quarterly earnings. The SP 500 surrendered 27.44 points from earlier gains to 4,091.19. The benchmark had earlier climbed off of lows as Pelosi’s plane landed safely in Taiwan Tuesday morning. The NASDAQ Composite lost 20.22 points to 12,348.76. Stocks wavered early in the afternoon, reacting to multiple comments from regional Fed Presidents who all threw cold water on the idea that the Fed will be done raising rates, or move them lower anytime soon. Pelosi is expected to spend the night in Taiwan, Reuters reported. Leading up to the trip, Chinese officials threatened to act if Pelosi moved forward with the visit.
Indexes Wilt as Investors Weigh China Tensions, Fed Comments
Stocks slumped on Tuesday as investors weighed increased tensions between the U.S. and China with House Speaker Nancy Pelosi’s Taiwan visit and reacted to comments from Federal Reserve Presidents about the central bank’s path forward. The Dow Jones Industrials swooned 402.23 points or 1.2%, to end Tuesday at 32,396.17, weighed down by Caterpillar, which shed more than 3% after reporting disappointing quarterly earnings. The SP 500 surrendered 27.44 points from earlier gains to 4,091.19. The benchmark had earlier climbed off of lows as Pelosi’s plane landed safely in Taiwan Tuesday morning. The NASDAQ Composite lost 20.22 points to 12,348.76. Stocks wavered early in the afternoon, reacting to multiple comments from regional Fed Presidents who all threw cold water on the idea that the Fed will be done raising rates, or move them lower anytime soon. Pelosi is expected to spend the night in Taiwan, Reuters reported. Leading up to the trip, Chinese officials threatened to act if Pelosi moved forward with the visit.