Wall Street closes down after Trump touts US economic strength

All three major equity markets closed marginally lower on Wednesday, the day after President Trump delivered the State of the Union address.

Continue Reading Below

The blue-chip Dow Jones Industrial Average was down 21.22 points, while the broader S&P 500 decreased 6 points — ending a five-day streak of increases. The Nasdaq also ended down 26.80 points.

Trump used his second State of the Union on Tuesday to tout the economic benefits achieved under his administration in the past two years.

From jobs, to energy production and new trade deals, Trump boasted of his achievements while calling on Congress to build upon initiatives from his administration on health care and back new federal funding for campaigns to eliminate HIV/AIDS in the U.S. and encourage new treatments for childhood cancers.

MORE FROM FOXBUSINESS.COM

In the address, Trump cited the tariffs on Beijing as providing the U.S. Treasury “billions of dollars.” Duties in fiscal year 2017 increased by $7 billion, according to federal data.

In economic news, the U.S. trade deficit narrowed in November. The foreign-trade gap in goods and services fell 11.5 percent from the prior month to a seasonally adjusted $49.3 billion in November, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had expected the deficit to hit $54.3 billion.

Ticker Security Last Change %Chg I:DJI DOW JONES AVERAGES 25390.3 -21.22 -0.08% SP500 S&P 500 2731.61 -6.09 -0.22% I:COMP NASDAQ COMPOSITE INDEX 7375.2813 -26.80 -0.36%

Stocks were weighed down by communication services stocks following disappointing results from video game makers Electronic Arts, Take Two Interactive and Activision Blizzard.

Ticker Security Last Change %Chg TTWO TAKE TWO 92.53 -14.76 -13.76% EA ELECTRONIC ARTS INC. 80.21 -12.31 -13.31% ATVI ACTIVISION BLIZZARD INC. 43.00 -4.84 -10.12% GM GENERAL MOTORS COMPANY

Read More Here...

Bookmark the permalink.