Global Times - Wall Street fluctuates after early drop

Wall Street fluctuates after early drop

Source: Xinhua
[14:24 September 15 2009]
Comments

Wall Street traded flat Monday, as gains in utilities and industrial shares offset concerns about the potential trade war between the United States and China.

Stocks retreated in early trading after China, the world's fastest growing major economy, said it's probing US sales of chicken and auto products for "unfair trade practices," after the US imposed tariffs on Chinese tires last Friday. Traders worried about the growing tension coming ahead of the G-20 summit later this month in Pittsburgh.

However, AES Corp. led utilities higher after the Wall Street Journal reported that China's sovereign wealth fund is considering buying a stake.

Investors also awaited a speech in New York from President Barack Obama on the one-year anniversary of the collapse of Lehman Brothers Holdings Inc., which helped spark the worst period of the financial crisis and credit crunch.

The Dow Jones dipped 0.60 to 9,604.81. Broader indexes went slightly higher. The Standard & Poor's 500 index added 0.83 to 1, 043.56 and the Nasdaq rose 2.18 to 2,083.08.