Wall St cuts losses after Chinese foreign minister comment

 Wall St cuts losses after Chinese foreign minister comment

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 reversed losses to trade flat on Thursday after the Chinese foreign minister said the United States has shown good will by waiving tariffs on Chinese products.

Stocks had been lower earlier as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept investors cautious along with a drop in Facebook shares following an antitrust investigation report.

Facebook Inc slipped 1.8%. A person familiar with the matter told Reuters that the U.S. Justice Department will open an antitrust investigation of the social media company. The stock was among the largest drags on the Nasdaq.

A whistleblower report released earlier in the day alleged that Trump not only abused his office in attempting to solicit foreign interference in the 2020 U.S. election, but that the White House also tried to "lock down" evidence about that conduct. The report is seen as central to the Democrats' impeachment inquiry of Trump.

At 3:32 p.m. ET, the Dow Jones Industrial Average <.DJI> fell 2.21 points, or 0.01%, to 26,968.5, the S&P 500 <.SPX> gained 0.07 points, or 0.00%, to 2,984.94 and the Nasdaq Composite <.IXIC> dropped 29.16 points, or 0.36%, to 8,048.23.

(Additional reporting by Ambar Warrick and Medha Singh in Bengaluru; Editing by Nick Zieminski)

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Updated Date: Sep 27, 2019 02:07:33 IST