Wall Street ends near flat; healthcare shares gain but trade deal delay weighs
By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares.
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares.
The Nasdaq broke a three-day string of record closing highs, and the Dow barely snapped its two-day run of record highs.
A senior official of the Trump administration told Reuters a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December, as discussions continue over terms and a venue.
That renewed worries over how long the trade war may continue and caused stocks to trade lower briefly.
"The big headline was Reuters reporting that the signing of 'phase one' would potentially be pushed into December. The market sold off on that but nothing major, and right now investors are in a holding pattern, waiting to see if we set new highs and can punch through them," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
The Trump administration official said it was still possible the "phase one" agreement would not be reached, but a deal was more likely than not.
The recent rally to record highs had been fueled by signs of progress in the U.S.-China trade talks along with some upbeat earnings reports.
On Wednesday, Humana Inc
CVS Health Corp
The Dow Jones Industrial Average <.DJI> fell 0.07 points to 27,492.56, the S&P 500 <.SPX> gained 2.16 points, or 0.07%, to 3,076.78 and the Nasdaq Composite <.IXIC> dropped 24.05 points, or 0.29%, to 8,410.63.
Also in health care, DaVita
The S&P 500 financials index <.SPSY> extended recent gains, rising 0.4%, while the S&P 500 energy index <.SPNY> fell 2.3% following declines in oil prices.
Match Group Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.21-to-1 ratio; on Nasdaq, a 1.76-to-1 ratio favored decliners.
The S&P 500 posted 14 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 70 new highs and 68 new lows.
Volume on U.S. exchanges was 7.93 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.
(Editing by Chris Reese, Jonathan Oatis and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.