China retaliates

The markets traded mixed during the midday with the Dow losing 23 points to 24,009. Nasdaq rose 14 points to 6955.


China retaliated against the Trump administration's announcement last night of 25% tariffs on approximately 1,300 imported Chinese items by slapping 25% tariffs on 106 products that are imported from the United States. The targeted items include cars, soybeans, corn, beef, whiskey, and tobacco. President Donald Trump proposed tariffs on products used for information technology, communications, and aerospace.


Facebook is revising its terms of service to include privacy language that protects personal data. Two documents are being updated and will apply to all users around the world. Drafts of the revisions are available for public feedback before the documents are finalized.


General Motors wil reportedly stop producing the Chevrolet Sonic subcompact car some time this year and may end production of the Chevy Impala in a few years. Low margin passenger cars have been losing market share as consumers opt for higher margin sport utility vehicles. Improved fuel efficiency along with low gas prices are driving sales of SUVs and pickup trucks.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 3 to 2 on Nasdaq. The broader S&P 500 added 2 points to 2,616. Bitcoin dove $634 to $6,800.


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