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Trade fears hit Wall Street



Dow Jones Industrial Average dropped 79 points

Dow dropped 79 points, or 0.29%, to 26,891.12. The S&P 500 slipped 0.24% to close at 2,977.62. The Nasdaq Composite fell 0.6% to 8,030.66. Thursday's winding up came as investors struggled with concerns over US-China trade relations and mounting pressure from Democrats to seek President Donald Trump. The S&P 500 is up for its second weekly fall, down 0.4% this week.

Trade, impeachment fears take the air out of the market

Stocks fell because a Bloomberg News report said the US is unlikely to renew exemptions for US companies to sell supplies to Chinese telecom giant Huawei. The report, which cites an official, raised concerns that both countries could fight to reach a trade deal when they meet in Washington next month.

Meanwhile, the release of a whistleblower complaint against Trump fears the possibility of restraint. In the complaint, the whistleblower said Trump used his office to request interference from a foreign country ahead of the 2020 election. House Speaker Nancy Pelosi called the situation a "cover-up". This comes a day after the administration released a note on a conversation between Trump and Ukrainian President Volodymyr Zelensky.

Big tech stocks hit again

Shares of Facebook, Amazon, Netflix and Google parents Alphabet helped pull down the broader market. Facebook and Amazon slipped over 1

% while Netflix fell 0.5% and Alphabet dropped 0.29%.

What happens next?


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