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The S&P 500 and the Dow Jones Industrial Average fell Monday as a new round of trade tariffs between the United States and China hit hopes of a settlement last week and investors awaited a policy meeting of the Federal Reserve and were widely expected to announce interest rate hikes.
Seven of S&P's 11 major stocks fell after the U.S. imposed a $200 billion tax on Chinese imports of goods and China's retaliatory tariffs took effect today.
"Investors are beginning to understand that China will not give in, and so is the United States." Chris Zaccarelli, head of investment at Independent Advisor Alliance, said: "The overall tone is to get out of risk and feel that investors are becoming a little more cautious."
US stocks rose sharply last week as investors hoped for a trade negotiation between China and the US. But as it now appears that both sides hold their own views, Zaccarelli said, "He wouldn't be surprised if the stock market gave back all its gains last week."
The Dow Jones Industrial Average closed down 181.45 points, or 0.68 percent, to 26,562.05; the Standard & Poor's 500 Index. SPX closed down 10.3 points, or 0.35 percent, to 2,919.37; and the Nasdaq Index. IXIC closed up 6.29 points, or 0.08 percent, to 7,993.25.
Industrial stocks, which were hit hard by the protracted war, fell by 1.3%, which was a drag on the S & P 500 index.
Essential consumer goods stocks, which are sensitive to interest rates, fell 1.5% and real estate stocks fell 1.9%, under pressure ahead of the Fed's two-day monetary policy meeting on Tuesday, with the Fed widely expected to raise interest rates.
The biggest percentage increase was in energy stocks, which rose above $80 a barrel as oil prices rose to a four-year high after Saudi Arabia and Russia ruled out an immediate increase in production.


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