US stocks end mixed as China trade talks begin

US stocks end mixed as China trade talks begin

Wall Street
A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City. (REUTERS/Andrew Kelly/File Photo/File Photo)

NEW YORK: Wall Street stocks finished mixed following a choppy session on Monday (Feb 11) as markets eyed ongoing US-China trade talks while US politicians sought to avoid another government shutdown.

The Dow Jones Industrial Average ended down 53.22 points (0.21 per cent) at 25,053.11.

The broad-based S&P 500 edged up 1.92 points (0.07 per cent) to 2,709.80, while the tech-rich Nasdaq Composite Index added 9.71 points (0.13 per cent) at 7,307.91.

Investors were eyeing the start of trade talks in Beijing ahead of a Mar 1 deadline that could lead to additional US tariffs if a deal is not reached.

Deputy US Trade Representative Jeffrey Gerrish led the US side in preparatory meetings ahead of the arrival later in the week of US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The Chinese delegation will be led by Vice Premier Liu He, who will be joined by central bank Governor Yi Gang.

While the two sides said they made major progress in talks last month in Washington, more recent comments have jarred financial markets, amplifying concerns about how the dispute will affect global growth.

Meanwhile, lawmakers in Washington were looking to resolve a budget impasse before Friday or risk another possible government shutdown.

President Donald Trump was scheduled for a campaign-style rally appearance in Texas at which he was expected to amplify his call to build a wall along the Mexican border.

Among individual companies, Morgan Stanley dipped 1.5 per cent after unveiling a US$900 million acquisition of Canada's Solium Capital in a push towards cultivating more young clients.

Restaurant Brands International, which owns Burger King, Popeyes and Tim Hortons, advanced 1.6 per cent after it reported a 12.2 per cent jump in fourth-quarter revenues to US$1.4 billion.

Source: AFP/de