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Economy

Wall Street lower on weak earnings, escalating trade tensions

Updated : July 20, 2018 06:33 AM IST

EU Trade Commissioner Cecilia Malmstrom said she hoped a mission to Washington would ease the trade dispute that started after the United States imposed tariffs on EU steel and aluminum on June 1, with President Donald Trump threatening to extend them to cars and auto parts.
Concerns about the impact of tariffs have been rising among manufacturers in every one of the Federal Reserve's 12 districts, a central bank report released on Wednesday showed.
The biggest drag on the Dow Jones Industrial Index was Travelers Cos, which fell 3.3 percent after the insurer missed quarterly profit estimates due to higher catastrophe losses from storms in several US regions.
Wall Street lower on weak earnings, escalating trade tensions
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