Stocks end los­ing streak as in­dus­tri­als, re­tail­ers rise

Daily Local News (West Chester, PA) - - BUSINESS - By Mar­ley Jay The As­so­ci­ated Press

NEW YORK » U.S. stocks broke a four-day los­ing streak Mon­day as in­dus­trial com­pa­nies and re­tail­ers rose. Tech­nol­ogy com­pa­nies re­cov­ered some of their steep losses from last week.

Trans­porta­tion and other in­dus­trial com­pa­nies con­tin­ued their re­cent rally and re­tail­ers like Nike, Home De­pot and Wal­mart all climbed. While tech­nol­ogy com­pa­nies rose over­all, Ap­ple fell af­ter say­ing a new round of big­ger U.S. tar­iffs could push it to raise prices.

CBS slipped af­ter it an­nounced the de­par­ture of long­time CEO Les Moonves, and Alibaba skid­ded af­ter the big Chi­nese in­ter­net re­tailer said co-founder Jack Ma will step down as chair­man in 2019.

The Euro­pean Union’s chief ne­go­tia­tor said the bloc might be able to reach a deal with Bri­tain by early Novem­ber. The Bri­tish pound jumped.

In­vestors ex­pect the U.S. to put new tar­iffs on Chi­nese im­ports soon. The Hang Seng in­dex in Hong Kong fell again Mon­day af­ter Pres­i­dent Don­ald Trump again threat­ened to tax al­most ev­ery­thing the U.S. im­ports from China. The in­dex has tum­bled al­most 20 per­cent since late Jan­uary as the dis­pute has es­ca­lated.

Randy Fred­er­ick, vice pres­i­dent of trad­ing and de­riv­a­tives for Charles Sch­wab, said in­vestors feel China has much more to lose in the con­flict than the U.S. does, as it ex­ports much more to the U.S. than it im­ports from it.


Trader Ge­orge Et­tinger, fore­ground, works on the floor of the New York Stock Ex­change.

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