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The Dow Jones Industrial Average (or DJIA) lost 140 points (or 0.53%) on September 24th. The S & P 500 index is down 0.77%. Among the major technology ETFs, XLK, SMH and SOXX fell by 1%, 1.5% and 1.7%, respectively.
Has the Dow Jones reacted to Trump's possible impunity investigation?
The Dow Jones index ended in the red today, due to several factors. First, it is feared that President Trump will be subjected to a dismissal investigation. According to CNN, President Trump has asked his chief of staff, Mick Mulvaney, to freeze about $ 400 million worth of military aid to Ukraine.
Trump reportedly asked his Ukrainian counterpart to investigate the presidential candidate, Joe Biden, and his son's relations in the country. Several Democrats urged Speaker of the House of Representatives Nancy Pelosi to begin impeachment proceedings immediately. This afternoon, Pelosi announced that the House of Representatives would launch a formal dismissal investigation against President Trump.
Trump denied claims that he would have forced Ukrainian President Volodymyr Zelensky to investigate Biden, calling the accusations a witch hunt. Trump also said that the White House will publish the transcript between the two presidents if necessary.
However, President Trump's speech at the United Nations also had an impact on the Dow Jones Index.
Trump slams China in the UN speech
This morning, Trump addressed the United Nations General Assembly. Trump said the United States had been victims of unfair trade practices over the years, adding that he would not agree to a half-way deal with China.
According to CNN, Trump said, "For decades, the international trading system has been easily exploited by countries acting in very bad faith."
He attacked China's economic policies and said: "Not only has China refused to adopt the promised reforms, but it has also adopted an economic model based on massive market barriers, heavy subsidies from China, State, monetary manipulation, product dumping, forced technology transfers and the theft of intellectual property and also large-scale trade secrets. "
Trump warned Iran against sanctions if it continued to increase tensions in the Middle East. Trump's negative sentiment vis-à-vis China seems to have pushed the Dow Jones index down today.
The Dow Jones index has experienced some volatility over the past few days. The Dow Jones rose for eight consecutive trading sessions earlier this month.
Best movers in the Dow Jones
Six of the 30 stocks included in the Dow Jones index ended the day in the green. Late DJIA values included Dow Chemical (DOW), Goldman Sachs (GS) and Intel (INTC), down 2.73%, 2.67% and 2.1%, respectively.
The main winners were Boeing (BA), Walmart (WMT) and Verizon, who gained 1.23%, 0.66% and 0.5%, respectively, on September 24th.
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