What caused the recent stock market decline?
Here's your Closing Bell Brief for Tuesday, January 20th. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks tumbled today as trade war fears returned after President Trump doubled down on his threats to take over Greenland. The Dow lost 871 points, or 1.8 percent. The S&P 500 dropped 2.1 percent, and the Nasdaq fell 2.4 percent. The president's tariffs threats rattled investors.
The 10-year Treasury yield climbed to its highest level since August. Big technology names skidded, and investors sought safety elsewhere, pushing gold prices to a new record. Among individual companies, Wrapped Therapeutics' stock surged 64 percent. Drugmaker GSK agreed to buy the biopharmaceutical company for about $2.2 billion. Shares of 3M fell 7 percent.
The manufacturer of Post-it notes recorded a decline in quarterly net income, weighed down by litigation costs. Intel stock rose almost 3.5%. Analysts upgraded the chipmaker and raised price targets. And Norfolk Southern and Union Pacific shares both sold off around 3.5%.
A railroad regulator said the company's merger application was incomplete, a setback for their prospective $71.5 billion deal. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.
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