Wall Street slips after rejection of Brexit timetable
By April Joyner NEW YORK (Reuters) - U.S.
By April Joyner
NEW YORK (Reuters) - U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union.
The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson's Oct. 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.
Though the Brexit complications have had limited impact on U.S. markets, they have contributed to investors' uncertainties about global financial and economic conditions, strategists said.
"Brexit by itself is not that big of a deal for equity investors," said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. "The global economy is effectively suffering from 1,000 paper cuts. None of them are deadly, but in agreement, they're certainly painful."
Earlier on Tuesday, the S&P 500 and the Dow Jones Industrial Average had risen modestly as upbeat forecasts from Procter & Gamble Co
Procter & Gamble shares gained 2.6% and United Technologies advanced 2.2%, while McDonald's shares fell 5.0% and Travelers shares declined 8.3%.
With Tuesday's losses the S&P 500 fell below 3000, but remained within 1% of its record closing high in July.
The Dow Jones Industrial Average <.DJI> fell 39.54 points, or 0.15%, to 26,788.1, the S&P 500 <.SPX> lost 10.73 points, or 0.36%, to 2,995.99 and the Nasdaq Composite <.IXIC> dropped 58.69 points, or 0.72%, to 8,104.30.
In aftermarket trading, Texas Instruments Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored decliners.
The S&P 500 posted 46 new 52-week highs and two new lows; the Nasdaq Composite recorded 83 new highs and 72 new lows.
Volume on U.S. exchanges was 6.37 billion shares, compared to the 6.49 billion average for the full session over the last 20 trading days.
(Reporting by April Joyner; Additional reporting by Shreyashi Sanyal and Arjun Panchadar in Bengaluru; Editing by Bernard Orr, Chizu Nomiyama and Bill Berkrot)
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