Dragged down by technology stocks, all three major U.S. stock indexes fell significantly on Wednesday.
The Dow Jones Industrial Average fell by 504.22 points, or 1.25 percent, to 39,853.87. The Standard and Poor's 500 sank 128.61 points, or 2.31 percent, to 5,427.13. The Nasdaq Composite Index shed 654.94 points, or 3.64 percent, to 17,342.41.
The big seven tech stocks all fell sharply on Wednesday. Tesla shares tumbled more than 12 percent, evaporating nearly 100 billion U.S. dollars of its stock market value. The U.S. electric vehicle maker on Tuesday posted 1.48 billion dollars in net income for the quarter that ended on June 30, representing a 45 percent decrease year over year.
Nvidia's share price dropped by more than six percent, and Google shares fell by more than five percent on Wednesday. The total market value of the big seven firms evaporated by more than 750 billion U.S. dollars in a single day.
Seven of the 11 primary Standard and Poor's 500 sectors ended in red, with technology and consumer discretionary leading the laggards by losing 4.14 percent and 3.89 percent, respectively. Meanwhile, utilities and health led the gainers by rising 1.16 percent and 0.81 percent, respectively.
US stocks close lower as big tech earnings disappoint
US stocks close lower as big tech earnings disappoint
Chinese President Xi Jinping's keynote speech at the 2024 Forum on China-Africa Cooperation (FOCAC) summit resonated with the common aspiration of more than 2.8 billion Chinese and African people and demonstrated China's firm will of moving forward hand-in-hand with Africa along the path of development, revitalization and modernization, several participants at the event have said.
In his speech on Thursday, Xi proposed that bilateral relations between China and all African countries having diplomatic ties with China be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.
He also announced that the Chinese government will provide 360 billion yuan (about 50.8 billion U.S. dollars) of financial support to Africa over the next three years.
"Everyone was happy to hear those news, so everyone was clapping. So now we are going to a higher level of relations between China and Africa," said Hamidou, a counselor at the Embassy of Comoros in Beijing.
"China understands Africa's urgent desire to advance modernization. We can learn a lot from China's development," said Foreign Minister of Burkina Faso Karamoko Jean Marie Traore.
Xi also suggested 10 partnership actions for modernization that China will take together with Africa in the next three years to deepen China-Africa cooperation and spearhead modernization in the Global South.
"President Xi, through his long vision of the needs of countries and his interest in supporting development, has offered this as a real vehicle to promote exports of Africa to China, which is a huge market," said Alaa Ezz, secretary general of the Union of African Chambers of Commerce, Industry, Agriculture, and Professions (UACCIAP).
"As he told this morning, we have many projects in digitalization, in capacity building, in health centers, support for health, for infrastructure, in the framework of the Belt and [Road]. And we think that we are very satisfied with this partnership. This is a win-win partnership," said Gabriel Mbairobe, Cameroon's Minister of Agriculture and Rural Development.
Held in Beijing from Wednesday to Friday, the 2024 FOCAC summit brought together leaders from China and over 50 African countries, who highlighted the common pursuit of China and African countries in realizing modernization.
During the summit, both sides unanimously adopted two important documents -- a declaration on jointly building an all-weather China-Africa community with a shared future for the new era, and an action plan of the FOCAC for the next three years.
Xi's speech at FOCAC summit resonates with people's common aspiration: participants
