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S&P 500 and Nasdaq post fifth session loss in a row

The US will vote against a UN Security Council resolution later on Thursday that would grant a Palestinian state full UN membership, killing a move proposed by Algeria.

“The United States is voting no on this proposed security council resolution,” state department spokesman Vedant Patel said, adding that Washington sees direct negotiations between Israel and the Palestinians as “the most expeditious path” towards Palestinian statehood.

The 15-member council will vote later on Thursday on the resolution that calls for full membership of the UN General Assembly for the state of Palestine. It requires nine votes and no vetoes by any of the Security Council’s permanent members, the US, UK, France, Russia and China.

US opposition leaves the resolution with no prospect of success.

“Premature actions in New York, even with the best of intentions, will not achieve statehood for the Palestinian people,” Patel said.

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