U.S. stocks retreat amid Trump's address, corporate earnings

0 Comment(s)Print E-mail Xinhua, February 7, 2019
Adjust font size:

NEW YORK, Feb. 6 (Xinhua) -- U.S. stocks fell on Wednesday as investors digested U.S. President Donald Trump's latest State of the Union address and a slew of corporate earnings.

The Dow Jones Industrial Average was down 21.22 points, or 0.08 percent, to 25,390.30. The S&P 500 decreased 6.09 points, or 0.22 percent, to 2,731.61. The Nasdaq Composite Index dropped 26.80 points, or 0.36 percent, to 7,375.28.

Eight of the 11 primary S&P 500 sectors closed lower, as communication services and energy declined 1.49 percent and 0.77 percent, respectively, leading the laggards.

Shares of major U.S. tech giants, including Amazon, Netflix and Google-parent Alphabet all fell at least 1 percent, weighing on the market.

Wall Street kept a close eye on Trump's State of the Union address on Capitol Hill on Tuesday night. Trump touched upon a variety of topics and priorities of his administration in the coming year, including immigration, trade and economy, infrastructure, health care, and national security.

He also called for unity and bipartisanship, given a divided Congress after two years of bitter partisan fight and heightened political polarization.

Shares of General Motors advanced 1.55 percent on Wednesday after the company delivered stronger-than-expected results in the fourth quarter. The company said earnings for the three months ending in December came in at 1.43 U.S. dollars per share, well above the market consensus of 1.24 dollars per share.

As of Wednesday morning, more than 55 percent of S&P 500 companies have posted quarterly results, according to CNBC while citing FactSet. Of those companies, 68 percent have topped expectations. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter