S&P 500 closes 0.7% lower; Nasdaq ends down 0.6%

s nasdaq ends down
S&P 500 closes 0.7% lower; Nasdaq ends down 0.6%

High-level trade talks between U.S. and China break down: report

Trade talks between the U.S. and China have recently halted after three rounds of negotiations amid mounting tensions between the two largest economies in the world, Bloomberg reported Wednesday, citing five people familiar with the situation. Officials from the U.S., led by Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, have met with a Chinese team led by Vice Premier Liu He since May without any significant progress, the news agency said. For the moment, there are no plans to resume talks to break the impasse, setting the stage for a drawn out battle between the two economic giants. Stocks fell on Wednesday after the Trump administration announced plans to levy more tariffs on $200 billion in Chinese products with the S&P 500 down 0.6% and the Dow Jones Industrial Average falling 0.8% to 24,725.

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