The Dow Jones fell more than 150 points from its session high on Thursday after miserable data dropped in both the US and Europe.
Fortunately for a struggling Dow, one of the world’s most valuable companies, Microsoft, posted some superb earnings to prop up the stock market.
However, additional pressure weighed on stocks after Vice President Mike Pence suggested the US would not sign a trade deal with China if they used violence to suppress the Hong Kong protests.
Dow Jones Falls on Weak Data & Trump Admin’s China Threat
Despite jumping to gains of around 100 points during the morning session, the Dow Jones Industrial Average suffered a reversal that forced the index into decline. At last check, the Dow had lost 29.6 points or 0.11% to trade at 26,804.35.
The Dow Jones dropped on Thursday as Mike Pence’s China assault dented Dow giant Nike and reduced hopes of an imminent trade deal. | Source: Yahoo Finance
Shrugging off the negative sentiment data, crude oil (+0.38%) enjoyed another robust rally after Wednesday’s strong inventory draw. The gold price was surprisingly stable, up 0.67% to $1,505 despite a firming US dollar.
Adding to the rally in the USD, Boris Johnson’s call for a December 12th election in the United Kingdom sent the British pound lower, while the ECB’s rate decision did little to boost appetite for the euro.
President Trump Renews Attack on the Fed
As the Federal Reserve’s October rate decision approaches next week,