Stocks fell worldwide on Wednesday amid fears of an escalation of the trade war between the United States and China although robust results from Apple Inc helped cap losses.
NEW YORK (Reuters) – Stocks fell worldwide on Wednesday amid fears of an escalation of the trade war between the United States and China although robust results from Apple Inc helped cap losses.
Apple, which jumped more than 5 percent to a record high of $201.32 after predicting a surge in current-quarter sales, was one of the biggest advancers on all three major U. S. stock indexes.
Still, market participants said Wednesday’s reversal after a recent selloff of tech shares might not be sustainable.
“Whether that is a long-lasting effect on the tech sector is a question that cannot be answered,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin. “There is a big additional tariff that is being weighed and could be put into place at any moment, which is a concern.”
The U. S. administration plans to propose tariffs of 25 percent instead of 10 percent on $200 billion worth of imported Chinese goods. Beijing vowed to retaliate if the United States slapped further tariffs.
The Dow Jones Industrial Average fell 90.78 points, or 0.36 percent, to 25,324.41, the S&P 500 lost 4.42 points, or 0.16 percent, to 2,811.87 and the Nasdaq Composite added 27.40 points, or 0.36 percent, to 7,699.19.
MSCI’s gauge of stocks across the globe shed 0.12 percent, while the pan-European FTSEurofirst 300 index lost 0.
