- The Dow Jones fell on Thursday despite a big rally in Apple stock (AAPL).
- Trade war concerns loomed over the market, although President Trump had an alternative explanation for the stock market’s woes.
- Elsewhere, uncertainty over the Fed outlook remains an issue, alongside fears of a weak payrolls number in Friday’s jobs report.
The Dow Jones hurtled more than 250 points lower on Thursday, as fears of a breakdown in relations between the US and China sparked a dip in the stock market. Providing an alternative theory, President Trump blamed impeachment proceedings for denting the Dow. Were it not for Apple’s post-earnings bounce, things could have been much worse on Wall Street.
Dow Jones Pummeled by a Multitude of Bearish Fundamentals
All of the major US stock market indices were in the red on a messy day for stocks, though the Dow Jones still performed worse than both the Nasdaq and S&P 500. Minutes before the closing bell, the Dow had lost 225.73 points or 0.83% to trade at 26,960.96.
The Dow Jones fell on Thursday. Wall Street blamed Trump’s trade war, and Trump blamed impeachment. | Source: Yahoo Finance
The S&P 500 dipped 0.53%, while the Nasdaq declined just 0.33% amid an uneven day on Wall Street.
The price of oil hated the turmoil in global risk assets, falling more than 2%. The gold price did the precise opposite, rallying over 1.1% amid a flight to havens that also saw the Japanese yen rising across the board.
Two storylines emerged for the Dow, as souring relations between the US and China hit an already jittery stock market trading around record highs.