Stocks slumped Friday after Chinese trade officials canceled next week's scheduled vist to U.S. farms, putting a damper on an otherwise seemingly positive few weeks on the trade front. All three of the major U.S. averages were higher ahead of the news.
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The Dow Jones Industrial Average fell 159.72 points, or 0.59 percent. The S&P 500 and Nasdaq were down 0.5 percent and 0.8 percent, respectively.
|I:DJI||DOW JONES AVERAGES||27766.29||-54.80||-0.20%|
|I:COMP||NASDAQ COMPOSITE INDEX||8506.211039||-20.52||-0.24%|
All-time highs remain within reach for all three indexes. A print above the following levels would be the highest on record:
- S&P 500: 3,027.98
- Dow Jones Industrial Average: 27,398.68
- Nasdaq: 8,339.64
The New York Fed on Friday morning injected another $75 billion into money markets through a repo operation designed to provide liquidity and keep its fed funds rate within its target range between 1.75 percent and 2 percent. The central bank has injected $278 billion into the overnight funding market after short-term rates spiked as high as 10 percent earlier in the week.
Bank stocks were higher for most of the day before finishing in negative territory.
|BAC||BANK OF AMERICA CORP.||32.84||+0.15||+0.46%|
|JPM||JP MORGAN CHASE & CO.||129.93||+0.30||+0.23%|
|WFC||WELLS FARGO & COMPANY||53.56||+0.02||+0.04%|
Elsewhere, Apple briefly topped a $1 trillion market capitalization as consumers lined up at stores around the world to get their hands on the iPhone 11.
Auto-parts makers remained under pressure as the United Auto Workers union continued its strike against General Motors.
|DLPH||DELPHI TECHNOLOGIES PLC||11.28||-0.02||-0.18%|
|AXL||AMERICAN AXLE & MANUFACTURING HOLDINGS INC.||9.49||+0.03||+0.32%|
Overnight, China's central bank reduced its 1-year loan prime rate to 4.2 percent from 4.25 percent. The Shanghai Composite rose 0.2 percent on the day, but lost 0.8 percent for the week. Hong Kong's Hang Seng was little changed, ending the week down 3.4 percent.
In Europe, London's FTSE, Germany's DAX and France's CAC swung between gains and losses before finishing mixed.
FOX Business' Ken Martin contributed to this story.