* S&P 500 index falls as Trump impeachment rumblings
increase
* Sterling gains on bets court ruling cuts immediate Brexit
* U.S. consumer confidence plunges in September
(Updates with close of U.S. markets)
By Chuck Mikolajczak
NEW YORK, Sept 24 (Reuters) - A gauge of global stocks fell
for a third day on Tuesday as a push by some Democrats for the
impeachment of U.S. President Donald Trump gained momentum, and
the British pound strengthened after the UK Supreme Court ruled
Prime Minister Boris Johnson's decision to suspend parliament
was unlawful.
After initially advancing, Wall Street's benchmark S&P 500
index retreated after U.S. Representative John Lewis, one of the
most senior leaders, joined other Democratic lawmakers in
calling for impeachment proceedings to begin against Trump.
The call came after Trump confirmed he held back aid to
Ukraine but denied it was done to provoke an investigation of
Joe Biden, the Democratic presidential front-runner.
In what was a choppy session, stocks cut losses after
falling more than 1% as Trump said he would release the
transcript of his phone call with Ukraine's president that has
led to the renewed impeachment calls.
House of Representatives Speaker Nancy Pelosi is scheduled
to make a public statement about a formal impeachment inquiry at
5 p.m. ET (2100 GMT). "What all of that combined is going to do is ensure there is
going to be elevated volatility in both directions in the next
few days," said Michael James, managing director of equity
trading at Wedbush Securities in Los Angeles.
The Dow Jones Industrial Average .DJI fell 137.61 points,
or 0.51%, to 26,812.38, the S&P 500 .SPX lost 24.81 points, or
0.83%, to 2,966.97 and the Nasdaq Composite .IXIC dropped
118.84 points, or 1.46%, to 7,993.63.
The decline for the S&P 500 marked its biggest one-day
percentage drop in a month.
The tone of the market had begun to weaken earlier in the
session, with gains evaporating after soft data on U.S. consumer
confidence and a speech by Trump to the United Nations General
Assembly that called on nations to embrace nationalism and turn
their backs on globalism. Trump also issued a message to China
that he will not accept a "bad deal" in trade negotiations.
Markets had been optimistic after U.S. Treasury Secretary
Steven Mnuchin said on Monday he and U.S. Trade Representative
Robert Lighthizer would meet with Chinese Vice Premier Liu He
for trade talks in two weeks, after waning optimism on trade had
hit the stock market on Friday. A report showed that U.S. consumer confidence fell by the
most in nine months in September, far more than expected, as
Americans' economic outlooks darkened in the face of the
U.S.-China trade war. Investors have looked to U.S. consumer strength as a cause
to be optimistic about the economy despite signs of weakness in
other areas, such as manufacturing.
European shares closed near flat, as Brexit uncertainty and
the U.S. consumer data helped fan persistent growth worries.
The pan-European STOXX 600 index .STOXX rose 0.01% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.44%.
Sterling gained after the court ruling against Johnson, but
uncertainty over a possible general election and the eventual
outcome of Britain's impending exit from the European Union
capped its rise. Sterling GBP= was last trading at $1.2495, up 0.53% on the
The dollar index .DXY , which measures the greenback
against a basket of six major currencies, fell 0.27%, with the
euro EUR= up 0.24% to $1.1017.
Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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