NEW YORK, New York-- The stock market is closed Wednesday, December 5, but the Nasdaq ended down more than 283 points Tuesday, December 4.
The Dow ended Tuesday down close to 800 points, and the S&P 500 ended down more than 90. Pre-market trading numbers show all three stocks are going to go back up Thursday, December 6 though.
Local business stocks also ended way down Tuesday. Arconic ended Tuesday down just $0.67 a share. Deere & Company's stocked dropped $10.62 a share, and Caterpillar lost $9.63 a share.
Analysts with the Wall Street Journal believe the stocks took a hit because of the news of the new trade deal announced Saturday, December 1. President Donald Trump agreed to delay more tariffs on Chinese goods that were set to take effect in January. In exchange for that, China agreed to purchase more U.S. agriculture, energy, and industrial goods.
The controversy comes in with whether the deal will actually be met in 90 days. Investment Adviser Mark Grywacheski says that's why the stocks took a nose dive Tuesday. We'll ask Grywacheski about the deal again Monday, December 10. Your Money with Mark airs every Monday between 5 and 5:30 a.m. during Good Morning Quad Cities.