US stocks experience falls on Tuesday after ‘hawkish statements on trade by President Donald Trump’ and impeachment moves towards him.
US House Speaker Nancy Pelosi had announced the opening of a formal impeachment inquiry against President Donald Trump, saying he had violated the constitution in seeking help from Ukraine to hurt Democratic opponent Joe Biden.
AFP quoted him as saying, “The actions of the Trump presidency revealed the dishonourable facts of the president’s betrayal of his oath of office, betrayal of our national security, and betrayal of the integrity of our elections,” she said.
“Therefore, today I’m announcing the House of Representatives moving forward with an official impeachment inquiry.”
Data also showed a drop in US consumer confidence in September, adding to the negative factors affecting stocks, analysts said.
After starting the day higher, major indices fell into the red at mid-morning and stayed in negative territory the rest of the day.
The platform adds that the Dow Jones Industrial Average finished at 26,807.77, down 0.5 per cent
The broad-based S&P 500 shed 0.8 per cent, settling at 2,966.60, while the tech-rich Nasdaq Composite Index slumped 1.5 per cent to 7,993.63.
Worries about trade have been on the market’s mind for more than a year, leading to occasional selloffs, but Trump’s UN address adopted a tough line ahead of talks in October.
