Wall St. dips after Trump cancels North Korea summit; Netflix gains
By Caroline Valetkevitch NEW YORK (Reuters) - U.S.
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un and threatened to impose tariffs on auto imports, though losses were limited by gains in Netflix and General Electric.
Trump's order on Wednesday for an investigation into whether vehicle and auto part imports had damaged the U.S. auto industry could further complicate trade negotiations with China and other trading partners.nL2N1SV1R0
Early Thursday, Trump canceled the June 12 meeting citing Pyongyang's "open hostility," even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site.
But stocks recouped much of the day's losses by the end of the session, and market participants said the sharp drop after the summit was canceled was a knee-jerk reaction.
"People were genuinely pleased that it was going to happen," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
"And I still wouldn't be surprised to see a reversal of this reversal sometime in the next few weeks as each side sits down and thinks about what's really in its best interest."
A decline in energy shares following lower oil prices also weighed on the market, with the S&P energy index <.SPNY> ending down 1.7 percent. On the flip side, General Electric
Netflix's stock market value ballooned to a record $153 billion and eclipsed Walt Disney Co
The Dow Jones Industrial Average <.DJI> fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 <.SPX> lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite <.IXIC> dropped 1.53 points, or 0.02 percent, to 7,424.43.
Defense stocks jumped after Trump called off the North Korea meeting and warned the U.S. military was ready in the event of any "reckless" acts by North Korea.
Declining issues outnumbered advancing ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored decliners.
The S&P 500 posted 21 new 52-week highs and one new low; the Nasdaq Composite recorded 106 new highs and 44 new lows.
About 6.3 billion shares changed hands on U.S. exchanges. That compared with the 6.6 billion-share daily average for the past 20 trading days, according to Thomson Reuters data.
(Additional reporting by Medha Singh and Savio D'Souza in Bengaluru; Editing by James Dalgleish and Jonathan Oatis)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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