U.S. stocks suffer big across-the-board losses as trade war escalates
Source: Washington Post
U.S. markets plunged Monday as China said it would raise steep tariffs on $60 billion in U.S. goods, upping the stakes of a trade war that threatens to imperil the global economy.
The Dow Jones industrial average closed down 617 points, or nearly 2.4 percent, as investors feared that a trade standoff with China would escalate into a full-blown economic crisis — tipping the U.S. and world economies into recession. Dragging the Dow were Apple, Caterpillar and Boeing, with drops of 5.9 percent, 4.3 percent and 4.8 percent respectively. The blue-chip index hit its lowest close since January.
The Standard & Poor’s 500-stock index was down 2.4 percent and the tech-heavy Nasdaq Composite was off 3.4 percent, its worst day of the year and continuing the losses from last week. Ten of 11 market sectors landed in negative territory. Utilities was the only bright spot. The S&P 500 and Nasdaq saw their worst day of the year. The S&P on Monday held just above a key threshold of 2,800.
Technology stocks took a hit Monday, with all five FAANG stocks — Facebook, Apple, Amazon, Netflix and Google parent Alphabet — deeply in the red. Commodity futures in U.S. soybeans, the largest U.S. export to China, and copper, a predictor of the global economy, were both hitting lows on trade fears.
Read more: https://www.washingtonpost.com/business/2019/05/13/dow-plunges-points-market-open-investors-fear-escalating-trade-war-threatens-economy/?utm_term=.27f03fd7be6d
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