Closing Bell: LIVE MARKETS BLOG

 | Aug 09, 2018 | 4:05 PM EDT
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Closing Bell

The major U.S. indices had a mixed day of trading with the Dow closing the session at its lowest point and the S&P failing to hold onto its progress.

The Dow Jones Industrial Average fell 0.29%, or 74 points to 25,509, while the S&P 500 fell 0.14%, or 4 points to 2,854, and the Nasdaq rose 0.04%, or 3 points to 7,892. 


Ship With $20 Million in Soybeans Circles Off China for a Month

The Peak Pegasus, a container ship carrying $20 million in U.S. soybeans, has been circling off the coast of China after failing to reach the country before duties on the crop were placed by China in response to the escalation of trade tensions with the U.S., the Guardian reported. 

The ship, which is owned by JPMorgan, was scheduled to unload 70,000 tons of soybeans in the Chinese port of Dalian on July 6, shortly after the Trump administration imposed tariffs on $34 billion worth of Chinese imports. 

Dutch agricultural trading house Louis Dreyfus, which owns the cargo, is paying about $12,500 a day to sail in circles off the Chinese coast as it decides whether to pay the 25% tariff, which would add about $6 million to the delivery cost, or not.  

To date, the trading house has paid about $400,000 while deciding what to do.


Tribune Sues Sinclair Over Failed $3.9 Billion Merger

Tribune Media (TRCO) announced that it will sue Sinclair Broadcast Group (SBGI)  after terminating its $3.9 billion merger agreement with the company because it said that the media company did not really try to get the deal approved by regulators. 

In July, Federal Communications Commision Chairman Ajit Pai said that he had concerns about Sinclair's submissions as part of the agency's review of the merger. 

The merger was first announced in May 2017.

"Our merger cannot be completed within an acceptable time frame, if ever," Tribune Media Chief Executive Peter Kern said in a statement. "This uncertainty and delay would be detrimental to our company and our shareholders. Accordingly, we have exercised our right to terminate the merger agreement, and, by way of our lawsuit, intend to hold Sinclair accountable."


 

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