Wall Street ended in the red as trade wars continue to weigh
- Dow Jones Industrial Average was lower by 0.47% at 25,777.90.
- Nasdaq Composite ended out the session 0.34% softer at 7,826.85.
- The S&P 500 was 0.32% weaker at 2,869.16.
The US benchmarks were bleeding out again on Tuesday in high volatility markets and as US consumer confidence data disappointed. Washington's trade war with the Chinese continues to weigh on sentiment. By the close, the Dow Jones Industrial Average was lower by 0.47% at 25,777.90, while the S&P 500 was 0.32% weaker at 2,869.16. The Nasdaq Composite ended out the session 0.34% softer at 7,826.85.
China's Global Times editor-in-chief Hu Xijin tweeted that China was "putting so much emphasis on trade talks," stating that "it's more and more difficult for the US to press China to make concessions" as the nation's economy becomes more and more driven by its domestic growth.
US data
US consumer confidence waned in August to 135.1 pts but still beat expectations. "Consumers were optimistic about the present situation with this part of the index lifting to its highest levels since late 2000, but this was offset by weaker expectations on the outlook for economic conditions," analysts at ANZ Bank explained.
DJIA levels
While DJIA stays under pressure and the 1915 to year-to-date Fibonacci retracement measures has the 23.6% marked at 21000 - below the Dec 2018 lows of 21712. The 21-monthly moving average is located at the May and Jun lows in the 24700s as a double-bottom target. The 23.6% Fibo' of the March 2009 swing lows to all-time highs is located in the 22,200s.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
