US Close 30 Oct 18: US markets swing into loss on US-China trade tensions

US sharemarkets sold off in the afternoon session with some analysts attributing the falls to fears that the US could apply new tariffs on China. But shares in auto stocks rose on a report suggesting China could cut its car purchase tax. Shares of software maker Red Hat rose 45.4% after the company agreed to be bought by IBM for US$34 billion. IBM shares fell by 4.8%. The Dow Jones ended lower by 245 points or 1.0% after tracking a 918 point range. The S&P500 index fell by 0.7% and the Nasdaq index lost 117 points or 1.6%.

 

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