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North American Stocks Battered Amid Trade, Yield Concerns

Posted December 04, 2018

Under Economic Issues, International Trade Issues

(Sarah Ponczek, Vildana Hajric & Luke Kawa – Bloomberg)

U.S. stocks plunged, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally in risk assets.

Trade-sensitive shares sank as angst mounted that the U.S. and China made no meaningful progress on the trade front this weekend. Financial shares got hammered as the yield curve continued to flatten, with the latest nudge from a hawkish comment by a Federal Reserve official.

In Canada, the S&P/TSX Composite closed 211.39 points lower at 15,063.59.

Losses accelerated and trading volumes in S&P 500 futures spiked after contracts for broke below their 200-day moving average. Adding to the risk aversion was news that U.K. Prime Minister Theresa May’s push to avoid a so-called “hard Brexit” may be at risk. Click here to read more.