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12/13/2019, 5:31 PM (Source: TeleTrader)
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Dow drops 100 pts despite US-China trade deal confirmation

US equities erased gains from earlier in the session shortly after the long-awaited trade accord between the United States and China was confirmed by Beijing and shortly thereafter by President Trump.

Apart from reaching a phase one deal, both countries have agreed to cancel tariffs on each other's goods scheduled to kick in this Sunday. The 25% tariffs will remain in place, President Trump said, failing to share more information regarding a potential rollback of the existing levies. China, too, declined to unveil more details concerning previous tariffs as well as the amount of farm purchases it had agreed to buy from the US.

The Dow Jones lost 100 points, or 0.40%, at 11:31 am ET. Dow Inc. led the losses, dropping 1.82%. The tech-heavy Nasdaq 100 slid 0.06% at 11:32 am ET with Broadcom plunging 5.14%. At the same time, the S&P 500 declined 0.30%. Hanesbrands was the worst performer on the S&P 500, dipping 3.62%.

The euro was flat against the greenback, changing hands for 1,11306 at 11:47 am ET.

Breaking the News / GG