U.S. Stock Rally Cools After Trump China Tweet: Markets Wrap

Jul 11 14:07 2019 Print This Article

An early rally in U.S. stocks lost some steam after President Donald Trump tweeted a complaint that China is “letting us down” by not buying U.S. farm products. Treasuries retreated after the latest American inflation reading came in hotter than anticipated, the dollar dropped for a second day and gold slipped.

The S&P 500 tested 3,000 at the start of Thursday’s session while the Dow Jones Industrial Average flirted with 27,000 as investors weighed the latest clues on the path for monetary policy. Health-care shares gained after the Trump administration pulled the plug on a proposed overhaul of drug rebates. Technology and media shares also gained.

Federal Reserve Chair Jerome Powell, who struck a dovish tone in questioning before a congressional panel Wednesday, is back on Capitol Hill today to answer senators’ questions. Traders will be eyeing that testimony for further clues after a measure of U.S. consumer prices rose more than forecast in June.

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