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Investing.com – Stocks finished down Friday — but well off their lows — after a Bloomberg News report said the Trump Administration was considering ways to limit Chinese access to U.S. capital markets.
The ended off 0.53%. The finished down 0.26%, and the ended down 1.13%. The index dropped 1.16%.
Among ideas being discussed, according to Bloomberg, were delisting Chinese companies from U.S. exchanges and limiting investments by, say, pension funds into Chinese companies.
The report gutted a rally at the open that saw the industrials up as many as 122 points early in the session. At their low, the blue chips were off as many as 175 points before late buying kicked in.
The losses ensured stocks ended lower for a second-straight week with just one trading day left in September. As of Friday, the S&P 500 was up roughly 1% for the month, with the up 1.5%. The Nasdaq is down 0.4%.
The selling hit tech stocks like Microsoft (NASDAQ:), Apple (NASDAQ:), Nvidia (NASDAQ:) and Micron Technology (NASDAQ:), down on gross margin guidance, as well as communications services stocks like Google parent Alphabet (NASDAQ:) and Facebook (NASDAQ:).
Financial stocks were higher led by Wells Fargo (NYSE:), which named Charles Scharf CEO, ending a six-month search. Scharf has been CEO of BNY Mellon.
moved lower because of trade jitters and the tensions over the House impeachment inquiry into President Trump.
Interest rates started higher as stocks rallied at the open, but fell back as investors sought safety in bonds.
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