Stocks Opened Lower, Dow Dropped over 300 Points
- Thursday, May 9, 2019, 10:01
- Stock Market
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U.S. stocks opened lower on Thursday as trade tensions between the U.S. and China appeared intensified. The Dow Jones Industrial Average lately retreated 313.62 points, or 1.21%, to 25,653.71. The S&P 500 fell 34.97 points, or 1.21%, to 2,844.45. The Nasdaq Composite slid 120.66 points, or 1.52%, to 7,822.66.
U.S.-based crude-oil prices slipped Thursday, as an escalating Sino-American trade spat and its potential to dent energy demand, more than offset a price-supportive surprise decline in U.S. inventories. West Texas Intermediate crude for June delivery fell 19 cents, or less than 0.1%, to $62.08 a barrel. July Brent crude was up 5 cents, or 0.1%, to $70.45 a barrel.
Chevron Corp abandoned its pursuit of Anadarko Petroleum Corp on Thursday, outmanoeuvred by a higher rival bid of $38 billion (29 billion pounds) that included more than three times as much cash.
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