The markets traded lower during the mid with the Dow losing 31 points to 20,998. Nasdaq fell 18 points to 6,184.
Reports that President Donald Trump is expected to withdraw the United States from the Paris Climate Agreement sent shares of coal and solar companies tumbling. Coal companies expressed concerns the nation's exit from the climate agreement would spark a global backlash against the coal industry. Renewable energy companies fear that they will lose their competitive edge as other countries invest in alternative energy research and innovation.
Payless ShoeSource had announced the closure of approximately 400 stores in the U.S. and Puerto Rico when it filed for Chapter 11 bankruptcy protection last month. The discount shoe retailer now requested permission from a bankruptcy judge to close an additional 408 stores. The closure of more than 800 stores accounts for approximately 20% of the retailer's locations.
General Electric signed multiple deals with Vietnam worth a total of approximately $5.58 billion. A joint venture between GE and Safran will make 20 jet engines for Vietjet Aviation. GE will partner with PetroVietnam to build two 750-megawatt gas fired turbine power plants. GE entered a joint development agreement with Phu Cuong Group and International Mainstream Renewable Power to construct an 800-megawatt wind power facility.
The broader S&P 500 lost 4 points to 2,408. Bitcoin soared $70 to $2278.
