U.S. markets reverse early gains as investors eye international stimulus plans

Traders work on the the floor of the New York Stock Exchange on Wall Street in New York City on Monday. The Dow gave back some early gains in the second half of the trading day. Photo by John Angelillo/UPI

Sept. 10 (UPI) — Major U.S. stock markets reverted from earlier gains at the end of trading Monday afternoon.

The Dow Jones Industrial Average closed up 38.05 points, or 0.14 percent, after reaching a session high increase of 103.37 points. The S&P 500 fell 0.0094 percent after rising as much as 0.36 percent. The Nasdaq Composite closed down 0.19 percent despite reaching an increase of 0.6 percent.

Last week the Dow Jones rose 1.5 percent, the S&P climbed 1.8 percent and the Nasdaq saw a 1.8 percent increase, driven by optimism regarding a potential trade deal between the United States and China.

While that optimism continued into the early parts of trading Monday, stocks took a downward turn as investors considered plans by central banks throughout the world to stimulate their economies.

Appearing on Fox News on Monday, U.S. Treasury Secretary Steven Mnuchin said China’s commitment to restarting trade talks was a sign of “good faith,” but the United States would continue its tariff policy until it can reach a deal that will benefit U.S. workers.

The European Central Bank is likely to deliver a further rate cut, while U.S. Federal Reserve policymakers could cut the key lending rate as they meet next week.

The yield on the 10-year Treasury note rose 1.6 percent, its highest yield since Aug. 13, while the price of crude oil rose 2.7 percent and gold futures dropped 0.58 percent.


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