Stock Market Update
03-Dec-19 10:25 ET
Cleveland-Cliffs acquires AK Steel for $1.1 billion
Dow -395.31
at 27387.64,
Nasdaq -89.33
at 8478.65,
S&P -32.81
at 3081.06
[BRIEFING.COM] Stocks continue to struggle with noticeable losses, leaving the S&P 500 down 1.1% at this juncture.
Commerce Secretary Wilbur Ross is currently speaking with CNBC. Mr. Ross has said that the Dec. 15 tariffs could still be delayed, even if some talks are still needed to finalize a Phase One trade deal. In other words, the market is still left wondering whether a deal and the tariffs would get delayed.
Separately, shares of Cleveland-Cliffs (CLF 7.27, -1.14, -13.6%) have dropped nearly 14% after the company agreed to acquire AK Steel (AKS 3.00, +0.11, +3.5%) for $1.1 billion in a stock swap deal.
