4:57 p.m. ET, February 7, 2019
Stocks sink on US-China trade concerns
From CNN Business' Paul R. La Monica
Stocks fell on Thursday as investors worried that the United States and China would not be able to reach a trade deal before a March 2 deadline.
- The Dow fell 221 points, or 0.9%.
- The S&P 500 dipped 0.9%
- The Nasdaq declined 1.2%.
The declines followed comments by White House adviser Larry Kudlow that there was a “pretty sizable distance” between Beijing and Washington in trade negotiations. President Donald Trump also said he was unlikely to meet with Chinese counterpart Xi Jinping before March, when a 90-day trade truce between the two sides is set to expire.
Twitter (
TWTR) shares sank 10% after the company reported losing millions of users.
Tapestry (
TPR), which owns fashion brands
Coach and Kate Spade, plunged 15%
after it missed Wall Street estimates.
SunTrust (
STI)
and BB&T (
BBT), two of the largest US regional banks,
soared 10% and 4% respectively after they announced plans to merge.
Chipotle (
CMG) was up 11.4% after reporting strong quarterly results on Wednesday.