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US stocks flat, shrugging off new tariffs, Trump turmoil

Aug 23 2018 16:19

A day after breaking the record for the longest bull market ever, Wall Street stocks were little changed early on Thursday largely shrugging off new US-China tariffs and ambivalent to US political turmoil.

About 10 minutes into trading, the Dow Jones Industrial Average was at 25 695.40, down 0.2%.

The broad-based S&P 500 was essentially flat at 2 862.37, while the tech-rich Nasdaq Composite Index gained 0.2% to 7 905.30.

The United States slapped steep tariffs on another $16bn in Chinese goods on Thursday, triggering a swift tit-for-tat retaliation from Beijing.

The moves, which were announced weeks in advance, came as negotiators seek to soothe trade tensions. Investors have welcomed this week's talks between midlevel officials from the two governments as a potential resolution to the escalating conflict.

US President Donald Trump, under pressure following the conviction this week of his former campaign manager and guilty plea of his former lawyer, warned in a television interview that the market "would crash" if he were impeached.

US investors have largely looked past the Trump turmoil, keeping stocks near record levels amid strong economic data and positive consumer sentiment.

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equities  |  wall street  |  markets
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