A monthslong calm on Wall Street shattered, and U.S. stocks tumbled after President Donald Trump threatened to crank tariffs higher on China.
The S&P 500 sank 2.7 percent Friday in its worst day since April. The Dow Jones Industrial Average dropped 1.9 percent, and the Nasdaq composite lost 3.6 percent.
Stocks had been on track for a slight gain in the morning, until Trump said he’s considering a massive increase of tariffs on Chinese imports. He’s upset at restrictions China has placed on exports of its rare earths. Stocks may have been primed for a drop after surging to records recently in a nearly relentless rally.
On Friday:
The S&P 500 fell 182.60 points, or 2.7 percent, to 6,552.51.
The Dow Jones Industrial Average fell 878.82 points, or 1.9 percent, to 45,479.60.
The Nasdaq composite fell 820.20 points, or 3.6 percent, to 22,204.43.
The Russell 2000 index of smaller companies fell 74.25 points, or 3 percent, to 2,394.59.
For the week:
The S&P 500 is down 163.28 points, or 2.4 percent.
The Dow is down 1,278.68 points, or 2.7 percent.
The Nasdaq is down 576.08 points, or 2.5 percent.
The Russell 2000 is down 81.58 points, or 3.3 percent.
For the year:
The S&P 500 is up 670.88 points, or 11.4 percent.
The Dow is up 2,935.38 points, or 6.9 percent.
The Nasdaq is up 2,893.64 points, or 15 percent.
The Russell 2000 is up 164.44 points, or 7.4 percent.
The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
