US, WASHINGTON (ORDO NEWS) — Wall Street closed lower on Thursday following a decision by US President Donald Trump to sign a decree on social networks and hold a press conference on China on Friday.
The price of Twitter shares fell 2.2%, Facebook shares – 0.2% after news of the Trump decree. The White House after the market closed, Trump signed a decree that regulates the activities of social networks and will deprive them of protection from accusations of defamation.
Trump said that US Attorney General William Barr “immediately” will begin to draft a bill regulating the activities of companies working in social networks.
Concerns over Sino-US relations may also have contributed to the decline in the market. White House economic adviser Larry Kudlow told CNBC on Thursday that now Hong Kong might need to be seen as part of China when it comes to trade and other issues, repeating Secretary of State Mike Pompeo’s words on Wednesday.
“We are worried about what is happening in relations with China … There was a big sale in the markets,” said Tim Griskey of Inverness Counsel.
Stock indices grew most of the session as investors continued to bet on a quick recovery after the economic downturn caused by the coronavirus.
A worsening relationship in recent weeks between the US and China, the two largest economies in the world, could threaten a strong recovery in the stock market after a sharp sell-off.
The Dow Jones Industrial Average fell 147.63 points, or 0.58%, to 25.400.64, the S&P 500 index lost 6.4 points, or 0.21%, to 3.029.73, and the NASDAQ index fell 43 , 37 points, or 0.46%, to 9.368.99.
The S&P 500 is still above the low of March, amid hopes for a strong recovery thanks to the resumption of business activity after several weeks of closure and massive stimulus measures to support the economy.
Boeing Co announced the resumption of production of the 737 MAX model aircraft at its Washington plant, albeit at a “slow pace.”
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