US stocks end mixed as trade worries weigh on sentiment

US stocks end mixed as trade worries weigh on sentiment
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New York: Worries about President Donald Trump’s trade policy offset a spate of largely positive US economic data Thursday, resulting in a mixed session for US stocks.

The Dow Jones Industrial Average advanced 0.5 percent to 24,873.66.

The broad-based S&P 500 500 lost 0.1 percent at 2,747.33, while the tech-rich Nasdaq Composite Index shed 0.1 percent to 7,481.74.

Analysts pointed to lingering concerns over trade with Trump economic advisor Peter Navarro saying the US president would soon consider fresh punitive measures against Beijing over its “theft” of US intellectual property.

US stocks were also hit by a mid-afternoon report that Special Counsel Robert Mueller had subpoenaed the Trump Organization, which manages the president’s business empire, in connection with Mueller’s probe into Russian intervention in the 2016 presidential election.

US economic data showed a slight drop in jobless claims and a gain in manufacturing activity in the New York region, although homebuilder sentiment dipped.

Alibaba jumped 3.5 percent following a news report the online retail giant plans a stock listing in China.

Monsanto sank 4.8 percent following a Bloomberg report that Justice Department antitrust officials are balking at the company’s proposed $66 billion takeover by German company Bayer.

Toy makers Mattel fell 2.3 percent and Hasbro 0.4 percent after bankrupt retail giant Toys ‘R’ Us announced plans to liquidate its US stores.

Ford climbed 0.6 percent after it unveiled plans for additional sport utility vehicles and a more expansive group of hybrid and electric models.

AFP