Economic news

U.S. stocks fall as Trump refuses to meet North Korean leader

Wall Street tumbled in morning deals on Thursday after President Donald Trump changed his mind about planned summit with the North Korean leader, Kim Jong-un, while a drop in crude prices and bank stocks also weighed.

Photo: Reuters

The Dow Jones Industrial Average slid 0.52 percent, to 24,757.04, the S&P 500 fell 0.50 percent, to 2,719.74 and the Nasdaq Composite tumbled 0.42 percent, to 7,394.79.

General Motors Co. climbed 0.8 percent, Ford Motor Co surged 1.05 percent, while the shares of Fiat Chrysler Automobiles dropped 2.1 percent after the U.S. authorities warned that it may introduce tariffs on foreign auto imports.

New applications for U.S. unemployment benefits increased 11,000 to a seasonally adjusted 234,000 for the week ended May 19, the Labor Department reported.

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