Wall Street extends fall as U.S-China trade worries mount
NEW YORK - U.S. stocks tumbled more than 2 percent on Tuesday as escalating trade tensions between the United States and China triggered global growth fears and kept investors away from riskier assets.
Monday’s comments from Lighthizer and Mnuchin raised concerns among several investors that Trump’s statement could in fact be a sign of an impasse in trade talks between China and the United States. Still, Beijing said that Chinese Vice Premier Liu He will visit the United States on Thursday and Friday for trade talks. Additional tariffs are set to take effect on Friday if a trade agreement is not reached by then.
The CBOE Volatility Index, a gauge of investor anxiety, spiked to its highest level in more than three months. With earnings season now in its homestretch, profit estimates for the first quarter are now up 1.2%, a sharp improvement from the 2.3% decline expected at the start of the earnings season. Conversely, Mylan NV shares tumbled 20.4%, the most among S&P 500 companies, after the drugmaker reported lower-than-expected quarterly revenue and failed to provide greater clarity on a potential revamp of the company’s strategy.
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