NEW YORK (Pakistan Point News / Sputnik - 04th December, 2019) US stocks suffered their biggest one-day loss in two months, closing lower for a third straight day after equity bulls were caught out by President Donald Trump's surprise willingness to delay a trade deal with China to beyond 2020.
The New York Stock Exchange's Dow Jones Industrial Average finished down 1 percent at 27,502.81 on Tuesday, backing off from record highs of 28,174.97 hit last Thursday.
The top 500 indicator for US stocks, the S&P 500, had a more modest decline, sliding 0.7% to 3,093.42. It hit an all-time high of 3,154.26 on Thursday.
The tech-heavy Nasdaq index slid 0.6% to 8,520.64. Its record high from Thursday was 8,705.91.
The decline in US stocks could, however, be fleeting as the market had not entirely crashed from Trump's latest stance on China, RJO Futures Markets Strategist Eric Scoles said.
"Despite strongly negative headlines US equities have rejected the lows and are holding support suggesting anxiety levels are not running too high," Scoles told Sputnik.
Global equity markets fell as a whole after Trump said he was alright heading into the 2020 US election with the US-China trade war unresolved. Speaking in London ahead of a NATO summit, the president said he did not have a deadline for concluding a trade deal with Beijing.
US Commerce Secretary Wilbur Ross, meanwhile, told CNBC in an interview that delaying talks with China beyond 2020 could negate the advantage Beijing thinks it has in squeezing Trump for a settlement in its favor before the election.
