Stocks close mixed on fresh trade fears

Stocks close mixed on fresh trade fears

Stocks were mixed Tuesday after President Donald Trump doubled down on protectionist rhetoric in an address before the United Nations General Assembly, saying Americans will no longer "tolerate abuse" on trade. The dollar retreated as the Federal Reserve kicked off its two-day policy meeting, and Treasury yields jumped.

Here's the scoreboard:

Dow Jones industrial average:26,496.65 −65.40 (-0.25%)

S&P 500: 2,917.44 −1.93 (-0.066%)

Nasdaq Composite:8,007.47 +14.22 (+0.18%)

1. Brushing off a rise in tensions with major trade partners, Americans are feeling upbeat about the economy. The Conference Board said its consumer confidence reading jumped to 138.4 in September from a revised 134.7 last month, marking the highest reading in a decade and a half. Separate data out showed July home prices gained at the slowest pace in 10 months.

2. Progress on NAFTA revisions stalled again, increasing talk of a bilateral trade deal between the US and Mexico. The Trump administration is ready to move forward without Canada, Trade Representative Robert Lighthizer reiterated at a New York conference. Sticking points include access to Canada's protected dairy market and how trade disputes should be settled.

3. Oil prices pared gains but held close to four-year highs. Trump called on OPEC and Russia once again to increase oil output as the world braces for US sanctions on Iranian barrels. A cartel committee met over the weekend to discuss supply concerns, but didn't announce a production hike.

And a look at the upcoming economic calendar:

• The Federal Reserve is expected to raise its benchmark interest rate.

• The US reports on final GDP, trade, and manufacturing activity.

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