Trump's weapons show sinks defense stocks on Wall Street

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Trump's weapons show sinks defense stocks on Wall Street
Photo: Richard Drew/AP/TT

Defense stocks plunged on Wall Street after President Trump said he "will not allow" dividends in the sector. The broad-based S&P 500 closed lower on Wednesday.

The broad-based S&P 500 index fell 0.3 percent and the Dow Jones industrial average lost 0.9 percent. The tech-heavy Nasdaq composite index rose 0.2 percent.

Among the losers were major defense stocks. Northrop Grumman, which manufactures bombers, closed down 5.5 percent. Fighter jet manufacturer Lockheed Martin fell 4.8 percent.

Trump also claimed that Venezuela will send up to 50 million barrels of oil to the United States. U.S. oil refiners rose after the statement, including Valero Energy and Marathon Petroleum, which rose 3.1 and 1.2 percent, respectively.

At the same time, the price of oil fell below $60 per barrel.

In addition, Trump said that large institutional investors should be prohibited from buying more single-family homes, which weighed on venture capital firms like Blackstone - whose stock fell 5.6 percent.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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