session highs: The S&P 500 index SPX, -0.20% lost 1.01 points to 2,885.72 and the Nasdaq Composite Index COMP, -0.38% shed 0.60 point to 7,822.57, according to Market Watch. At session highs, the Dow had risen 0.7%, the S&P had climbed 0.8%, and the Nasdaq rallied 1.1% What drove the market Wall Street got a bump early in the session after Chinese authorities backed special-purpose bond issuances by local governments. How did the benchmarks fare The Dow Jones Industrial Average DJIA, -0.17% fell 14.17 points to 26,048.51, coming off its longest string of gains since May 2018. The move is an effort to accelerate financing of major projects through the bond issuances, which are used largely for infrastructure investment, the People's Bank of China said in a joint statement with other government agencies, The Wall Street Journal reported. The report follows comments from President Donald Trump on Monday that further tariffs on Chinese imports would take effect if the two countries don't reach a deal at a meeting of Group of 20 leaders later this month. But unresolved trade tensions hung over the market as China's foreign ministry on Tuesday said it would respond firmly if the U.S. insisted on escalating its standoff with China, Reuters reported.
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