Dow drops 700-plus points as stocks dive on trade war fears after China sanctions
The move prompted the biggest percentage plunges in Wall Street's three major stock indexes in six weeks on Thursday, with the Dow slumping over 700 points, as investors were agitated by the scale of USA tariffs and possible impact on global trade.
Concerns over tightening monetary policy and overall geopolitical uncertainty injected a wave of volatility into the nine-year bull market earlier in 2018. "It's way up", Trump said at a news conference Friday.
Concern that trade conflicts could wreak havoc on the world economy deepened as China responded to Trump's recent tariff hikes on steel and aluminum by warning it could order higher import duties on US goods including pork, apples and steel pipe.
President Donald Trump has touted the strong stock market performance since he took office. To add to this week's woes, the Federal Reserve announced an increase in the benchmark lending rate by a quarter point, expecting a steeper path of hikes over the next two years on an improving economic outlook. Shares of Boeing, one of the country's largest exporters, and Caterpillar, which counts China as an important market, both fell more than 5 percent. The S&P 500 index dropped 68 points, or 2.5%, to 2,643, erasing its gain for the year.
Traders are anxious that an escalating trade spat between Washington and Beijing will hurt US businesses, especially those that do a lot of sales overseas. The Nasdaq fell 174 points, or 2.4 percent, to 6,992. When bond yields decline, investors often buy utilities, real estate investment trusts, and other stocks that pay big dividends.
Former Seahawk Bennett to turn himself into police on Monday
Last week, Michael Bennett officially became a member of the Philadelphia Eagles following his trade from the Seattle Seahawks. Bennett's agent, Doug Hendrickson, did not respond to a message seeking comment Friday.
James Wan Addresses 'Aquaman' Trailer Rumors & Reason for Wait
Surely, Aquaman will be very interesting as teased by Wan in an interview with Entertainment Weekly past year . Wan even used "oceanic puns" to describe the Aquaman trailer's delay.
Gal Gadot Throws 'Shade' on Ryan Reynolds' Deadpool 2 X-Force Pose
It's the kind of pose that X-Men's Wolverine has made on posters over the years and one he could use to unleash his claws. Talking about Wonder Woman 2 , nothing much has been revealed about the film's plot and star cast yet.
In the eurozone, Frankfurt's DAX 30 index shed 0.9 per cent to 11,995.51 points and the Paris CAC 40 slid 1.0 per cent to 5,115.82.
Overseas markets closed mostly lower. The U.K.'s FTSE 100 Index dipped 1.5 percent, touching the lowest in 15 months. The NYSE Arca China Index, which tracks a selection of USA -listed stocks for companies primarily operating in China, was off 3.45 percent. Hong Kong's Hang Seng dropped 1.1 percent.
ABBVIE TUMBLES: AbbVie plunged after it reported disappointing results from a study of its cancer therapy Rova-T. Johnson & Johnson fell $2.09, or 1.6 percent, to $129.10 and Amgen declined $3.49, or 1.9 percent, to $178.10.
Benchmark U.S. crude oil shed 87 cents, or 1.3 percent, to $64.30 a barrel in NY.
In commodities trading, crude oil futures are rising $0.39 to $64.69 a barrel after sliding $0.87 to $64.30 a barrel on Thursday.
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