Dow Jones Industrial Average falls 17 points
The Dow Jones Industrial Average recorded a 17.53 point loss, or 0.07%, to 25,383.11. The S&P 500 moved up a notch 0.48% in-fact to 3,044.31. The Nasdaq Composite advanced 1.29% to 9,489.87. Stocks closed well off their session lows after President Donald Trump’s much-awaited news conference on China.
No Special Treatment to Hong Kong
U.S. President Donald Trump said he would take action to eliminate special treatment towards Hong Kong. Furthermore, no mention of U.S. pulling out phase one of the trade agreement with China could imply that the trading process would continue.
Chip – makers jump
Semiconductor companies rose broadly following Trump’s news conference. The iShares PHLX Semiconductor ETF (SOXX) closed 2.56% higher. Micron, Nvidia and Qorvo climbed 3.10%, 4.58% and 3.94%, respectively.