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Wall Street slips after rejection of Brexit timetable

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10/22/2019 | 06:16pm EST
Traders work on the floor at the NYSE in New York

NEW YORK (Reuters) - U.S. stocks ended lower on Tuesday, giving up early gains after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union.

The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson's Oct. 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.

Though the Brexit complications have had limited impact on U.S. markets, they have contributed to investors' uncertainties about global financial and economic conditions, strategists said.

"Brexit by itself is not that big of a deal for equity investors," said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. "The global economy is effectively suffering from 1,000 paper cuts. None of them are deadly, but in agreement, they're certainly painful."

Earlier on Tuesday, the S&P 500 and the Dow Jones Industrial Average had risen modestly as upbeat forecasts from Procter & Gamble Co and United Technologies Corp offset lower-than-expected results from McDonald's Corp and Travelers Cos Inc.

Procter & Gamble shares gained 2.6% and United Technologies advanced 2.2%, while McDonald's shares fell 5.0% and Travelers shares declined 8.3%.

With Tuesday's losses the S&P 500 fell below 3000, but remained within 1% of its record closing high in July.

The Dow Jones Industrial Average fell 39.54 points, or 0.15%, to 26,788.1, the S&P 500 lost 10.73 points, or 0.36%, to 2,995.99 and the Nasdaq Composite dropped 58.69 points, or 0.72%, to 8,104.30.

Facebook Inc shares dropped 3.9%, weighing heavily on the Nasdaq, as the social networking company faced an expanding probe into allegations that it put consumer data at risk and pushed up advertising rates.

Hasbro Inc shares dived 16.8% as the toymaker's profits, which have been pinched by U.S. tariffs on Chinese imports, came in well below Wall Street estimates.

In aftermarket trading, Texas Instruments Inc shares fell sharply and were last down 9%.

Boeing Inc shares rose 1.8% after United Technologies' chief financial officer said the company believed Boeing would make 737 MAX planes at its current rate for the rest of the year. The shares pared gains slightly, however, after Boeing announced the departure of the company's executive in charge of commercial airplanes.

Biogen Inc shares surged 26.1% after the drugmaker's surprise announcement that it would seek U.S. approval for its previously abandoned Alzheimer's treatment.

Harley-Davidson Inc shares jumped 8.0% after the motorcycle maker beat profit expectations and reaffirmed its full-year shipment forecast.

Advancing issues outnumbered declining ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored decliners.

The S&P 500 posted 46 new 52-week highs and two new lows; the Nasdaq Composite recorded 83 new highs and 72 new lows.

Volume on U.S. exchanges was 6.37 billion shares, compared to the 6.49 billion average for the full session over the last 20 trading days.

(Reporting by April Joyner; Additional reporting by Shreyashi Sanyal and Arjun Panchadar in Bengaluru; Editing by Bernard Orr, Chizu Nomiyama and Bill Berkrot)

By April Joyner

Stocks mentioned in the article
ChangeLast1st jan.
BIOGEN INC. 0.30% 294.14 Delayed Quote.-2.25%
DJ INDUSTRIAL 0.04% 27691.49 Delayed Quote.18.66%
FACEBOOK -0.64% 189.61 Delayed Quote.44.64%
HASBRO, INC. -0.02% 95.51 Delayed Quote.17.58%
MCDONALD'S CORPORATION -0.50% 192.64 Delayed Quote.8.49%
NASDAQ 100 -0.17% 8241.911835 Delayed Quote.30.43%
NASDAQ COMP. -0.13% 8464.276795 Delayed Quote.27.73%
S&P 500 -0.20% 3087.01 Delayed Quote.23.14%
TEXAS INSTRUMENTS -1.69% 118.075 Delayed Quote.24.95%
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