Stocks fall for 3rd straight day on renewed trade woes – Daily News

on Dec4
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Stocks closed broadly lower and bond prices rose sharply on Wall Street Tuesday after President Donald Trump cast doubt over the potential for a trade deal with China this year.

Technology companies, banks and industrial stocks accounted for much of the sell-off, which extended the S&P 500’s losing streak to a third day. Utilities and real estate stocks rose as traders favored less-risky assets.

Trump said he has “no deadline” for a trade deal and doesn’t mind waiting until after the 2020 election to make one. Investors had been hoping for a deal this year, or at least enough progress to stave off new U.S. tariffs on Chinese goods, including smartphones and laptops, scheduled to start Dec. 15.

The S&P 500 index fell 20.67 points, or 0.7%, to 3,093.20. The Dow Jones Industrial Average lost 280.23 points, or 1%, to 27,502.81. The index was briefly down 457 points.

The Nasdaq dropped 47.34 points, or 0.6%, to 8,520.64. The Russell 2000 index of smaller company stocks gave up 4.95 points, or 0.3%, to 1,602.63.

Pressure has been building on Washington and Beijing to complete what Trump has called a limited “Phase 1” deal before the new tariffs on Chinese goods kick in Dec. 15.

The lack of a trade deal before the year ends could mean the market is in for a turnaround from a strong, record-setting November. The S&P 500 had its best month since June with a 3.4% gain because of cooling trade tensions and optimism that a resolution to the dispute was near.

Technology stocks led the losses Tuesday. The sector is highly sensitive to twists in the trade dispute because many of the companies rely on China for sales and supply chains. Apple slumped 1.8% and Intel fell 2.8%.

The yield on the 10-year Treasury fell sharply to 1.72% from 1.83% late Monday.

Benchmark crude oil rose 14 cents to settle at $56.10 a barrel. Brent crude oil, the international standard, slipped 10 cents to close at $60.82 a barrel.

Fired Google workers plan labor complaint

Four workers fired from Google last week are planning to file a federal labor complaint against the company, claiming it unfairly retaliated against them for organizing workers around social causes.

The former employees said Tuesday they are preparing to file unfair labor practice charges with the National Labor Relations Board this week. All four were fired Nov. 25 for what Google said were violations of its data security policy.

Company officials wrote in a memo — without confirming the employees’ names — that the four were “searching for, accessing, and distributing business information outside the scope of their jobs.”

But the four workers — Laurence Berland, Sophie Waldman, Rebecca Rivers and Paul Duke — say they believe they did not violate company policies and claim that Google is using the alleged violations as an excuse to terminate them for labor activity.

“This is an expression of Google’s management power,” Duke said. “They are scared of worker power.”

Google disputes that they fired the employees for organizing activity.

“No one has been dismissed for raising concerns or debating the company’s activities,” the company said in a statement.

Compiled from news service reports.



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