Shares of manufacturing and transportation companies fell amid fears that the U.S. government could reach a debt-ceiling impasse.
President Donald Trump threatened to shut down the government at a rally in Arizona Tuesday. "The president essentially goes on national TV and says 'I'll shut the government down unless we build a wall,'" said Oliver Pursche, chief market strategist at broker dealer Bruderman Brothers. "Regardless of how you feel politically, that's a heck of a statement. I do have some worries in spite of what [Sen. Majority Leader] Mitch McConnell said, that the debt ceiling won't get lifted, and you might have temporary government shutdown."
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Friction is growing between the U.S. and its most important trading partner, China. "In another sign of cooling relations between the U.S. and China, the Treasury Department announced an additional set of sanctions for Chinese and Russian companies suspected of aiding North Korea in evading economic sanctions," said analysts at brokerage Nomura Securities, in a note to clients.
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(END) Dow Jones Newswires
August 23, 2017 16:39 ET (20:39 GMT)