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% Friday in its worst day since April. The Dow Jones Industrial Average dropped 1.9%, and the Nasdaq composite lost 3.6%.
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%, to 6,552.51.
The Dow Jones Industrial Average fell 878.82 points, or 1.9%, to 45,479.60.
The Nasdaq composite fell 820.20 points, or 3.6%, to 22,204.43.
The Russell 2000 index of smaller companies fell 74.25 points, or 3%, to 2,394.59.
For the week:
The S&P 500 is down 163.28 points, or 2.4%.
The Dow is down 1,278.68 points, or 2.7%.
The Nasdaq is down 576.08 points, or 2.5%.
The Russell 2000 is down 81.58 points, or 3.3%.
For the year:
The S&P 500 is up 670.88 points, or 11.4%.
The Dow is up 2,935.38 points, or 6.9%.
The Nasdaq is up 2,893.64 points, or 15%.
The Russell 2000 is up 164.44 points, or 7.4%.
The Associated Press
