US STOCKS-Wall Street ends down in late selloff; Facebook and China weigh

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* Twitter, Facebook drop late

(Updates to close)
By Caroline Valetkevitch
May 28 (Reuters) - Wall Street ended lower on Thursday
following a late-session reversal, with Facebook weighing on the
market after President Donald Trump said he would sign an
executive order related to social media companies and would hold
a news conference on China on Friday.
Shares of Twitter Inc TWTR.N ended down 4.4% and Facebook
Inc FB.O fell 1.6% following news of the executive order. The
White House, after the market close, said Trump had signed the
order, which removes a liability shield they currently
enjoy. Trump said he was directing Attorney General William Barr
to work with states to enforce their own laws against what he
described as deceptive business practices by social media
companies. Concerns about China-U.S. relations may also have driven the
late decline. White House economic adviser Larry Kudlow told
CNBC on Thursday that Hong Kong may now be needed to be treated
like China when it comes to trade and other matters, echoing
remarks by Secretary of State Mike Pompeo on
Wednesday. "We are concerned (it's) saber rattling with China... It was
just a big selloff because of that," said Tim Ghriskey, chief
investment strategist at Inverness Counsel in New York, New
York.
Stocks had been higher for most of the session as investors
continued to bet on a swift recovery from the coronavirus-driven
economic slump.
Worsening ties in recent weeks between the United States and
China, the world's two largest economies, could pose a threat to
the stock market's strong recovery from its steep selloff.
The Dow Jones Industrial Average .DJI fell 147.63 points,
or 0.58%, to 25,400.64, the S&P 500 .SPX lost 6.4 points, or
0.21%, to 3,029.73 and the Nasdaq Composite .IXIC dropped
43.37 points, or 0.46%, to 9,368.99.
The S&P 500 .SPX is still up sharply from the low hit in
March as a restart in business activity after weeks of shutdown
and massive amounts of stimulus measures to support the economy
have driven hopes of a strong recovery.
Boeing Co BA.N said it had resumed production of its 737
MAX passenger jet at its Washington state plant, although at a
"low rate." Declining issues outnumbered advancing ones on the NYSE by a
1.16-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored decliners.
Volume on U.S. exchanges was 11.25 billion shares, compared
to the 11.26 billion average for the full session over the last
20 trading days.
The S&P 500 posted 18 new 52-week highs and no new lows; the
Nasdaq Composite recorded 67 new highs and seven new lows.

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GRAPHIC: A few S&P 500 sectors are nearing their previous highs
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