U.S. stocks closed lower amid global trade prospects, data

0 Comment(s)Print E-mail Xinhua, May 18, 2019
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NEW YORK, May 17 (Xinhua) -- U.S. stocks closed lower on Friday as investors weigh major economic data against global trade prospects.

The Dow Jones Industrial Average decreased 98.68 points, or 0.38 percent, to 25,764.00. The S&P 500 fell 16.79 points, or 0.58 percent, to 2,859.53. The Nasdaq Composite Index decreased 81.76 points, or 1.04 percent, to 7,816.28.

The University of Michigan's consumer sentiment index in May climbed to a reading of 102.4, a 15-year high, from April's reading of 97.2. This is higher than economists' estimates.

"Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004," according to the report.

However, the gains were mostly recorded before China-U.S. trade talks showed more uncertainties.

The United States suddenly announced a decision on May 10 to increase additional tariffs on 200 billion U.S. dollars worth of Chinese imports from 10 percent to 25 percent.

The unexpected move prompted China to adopt similar policies by raising the rate of additional tariffs imposed on some of the imported U.S. products from June 1.

The White House on Wednesday issued an executive order to ban foreign-made telecommunications equipment which Washington deemed as "posing an unacceptable risk."

Following the news, stock prices of semiconductor and telecommunications equipment companies slid. Qualcomm, Micron Technology, and Qorvo declined 1.58 percent, 3.35 percent, and 6.14 percent respectively on Friday. Enditem

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