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Stocks Drop Sharply as China Cuts Short U.S. Visit

T.SMF

Stocks fell Friday on news that Chinese officials were cutting short their visit to the U.S., dampening hope around trade negotiations between the two countries.

The Dow Jones Industrials gave up gains and plummeted 159.72 points to end the day and the week at 26,935.07, a collapse on the week of 1.05%,

The S&P 500 doffed 14.72 points to 2,992.07, for a weekly loss of 0.51%

The NASDAQ Composite subtracted 65.21 points to 8,117.67, or 0.72% over the last five sessions.

The major indexes also snapped a three-week winning streak.

A China delegation had canceled a visit to U.S. farms in Montana, the Montana Farm Bureau said around midday Friday. The Bureau's director of national affairs said the officials were headed back to China earlier than planned.

Earlier, deputy trade negotiators from the U.S. and China resumed face-to-face talks for the first time in almost two months. The deputy-level trade talks are expected to help lay the groundwork for high-level negotiations early next month. This briefly lifted investor sentiment around trade talks.

Prices for the benchmark 10-year U.S. Treasury rose sharply, lowering yields to 1.72% from Thursday's 1.79%. Treasury prices and yields move in opposite directions

Oil prices faded four cents to $58.09 U.S. a barrel.

Gold prices popped $17.50 to $1,523.70 U.S. an ounce.





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