SAN JUAN — The U.S. stock market had continued rallying until President Trump announced he would be holding a press conference at the White House on Friday related to China’s new position policies with regard to Hong Kong.
Fear of Hong Kong losing all autonomy following proposed Chinese national security legislation and the potential of the end of trade with the United States erased much of the day’s gains.
Also weighing on investor confidence was the U.S. Labor Department’s unemployment report: More than 2.1 million people applied for unemployment benefits, raising the total since businesses began to lock down in March to 40.8 million, or about 25% of the U.S. workforce, and the unemployment rate to 14.7%.
- The Dow Jones Industrial Average closed at 25,400.64, down 147.63 points, or 0.6%.
- The Standard & Poor’s 500 index closed at 3,029.73, down 6.4 points, or 0.2%
- The NASDAQ Composite index closed at 9,368.99, down 43.37 points, or 0.5%.
- The Birling Capital Puerto Rico Stock Index closed at 1,521.66, up 69 points, or 4.75%