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Dow Falls 150 Points After Trump Moves To Pressure China

May 28, 2020 / Sergei Klebnikov, Forbes Staff

TOPLINE

The stock market cut gains and turned negative on Thursday, despite optimism about reopening the economy, after President Trump announced that he will give a news conference regarding China on Friday.

KEY FACTS

  • The Dow Jones Industrial Average fell 0.6%, around 150 points, on Thursday, while the S&P 500 was down 0.2% and the tech-heavy Nasdaq lost 0.5%.
  • Stocks cut their gains late in the day, with the Dow shedding more than 200 points, after President Trump announced he would be giving a news conference regarding China on Friday.
  • Trump’s administration is widely expected to ramp up pressure on China in response to a newly passed national security bill for Hong Kong, which means the region will no longer be politically autonomous from China.
  • The Labor Department reported on Thursday, that another 2.1 million Americans filed for unemployment benefits in the week ending May 23, bringing the ten-week total to more than 40 million job losses.

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Mike Adams

Mike Adams is a medical device sales leader with extensive clinical experience in spine and biologics and a nationwide distribution network built over the last 10+ years in the industry. He has held various leadership positions in healthcare and device including Distributor Partner, Hospital COO and Spine VP of Sales. He currently leads the commercialization strategy for OrthoSpine Partners and is a Distributor Principal at Novel Medical. Because of his unique career path, Mike has the ability to see the healthcare business from multiple perspectives making him passionate about building strategic partnerships that help reduce overall costs, drive innovation, and cultivate growth for new markets.

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