- The Dow Jones fell from its record high as investors reacted to a Wall Street Journal report that US-China trade talks had stalled.
- It has been a banner day for Disney after the initial success of Disney+, which had initially driven the stock market to a new record.
- China’s reluctance to purchase agricultural goods, alongside an escalating crisis in Hong Kong, is significantly worsening the outlook for the Dow.
The Dow Jones Industrial Average zoomed to a record high on Wednesday. The index was lifted by a stunning midday rally from Disney, which recovered from an early loss after news broke that 10 million people had signed up for the new Disney+ service on just the first day.
Fed Chair Jerome Powell was upbeat about the outlook for the economy and did little to move the Dow with an extremely measured testimony.
Unfortunately, the stock market was roiled late in the day by a report that crucial components of the phase one trade deal continue to pose a significant hurdle.
Dow Jones Falls from Record High as Wall Street Fears Trade Talk Stagnation
It was a mixed day in the three major US stock market indices, with the Dow Jones leading the way over the Nasdaq and S&P 500.
At last check, the Dow had gained 80.35 points or 0.29% to trade at 27,771.84. The index had soared as high as 27,806.40 earlier in the session, but it plunged as much as 100 points in mid-afternoon trading.
The Dow Jones dropped dramatically from record highs after a stunning report from the Wall Street Journal suggested the US and China were still a long way from a trade deal. » Read Full Article «