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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDow closes 550 points lower, wiping out gains for the year
Stocks dropped sharply Friday, concluding a wild week on Wall Street. A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Average lower by 558 points and erased its gains for the year.
The S&P 500 pulled back 2.3 percent and also turned negative for the year once again. The Nasdaq dropped 3 percent. Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google parent Alphabet all traded lower. Apple's stock also fell 3.6 percent, erasing its gains for the year, after Morgan Stanley cut its price target on the tech giant's shares, citing weakening iPhone sales.
For the week, the major indexes all dropped more than 4 percent. Thursday's session included a violent drop of nearly 800 points, followed by a strong rebound from those levels.
Indexes fell to their lows of the day after the Wall Street Journal reported federal prosecutors are expected to bring charges against Chinese hackers. The hackers are linked to the Chinese government and were allegedly trying to break into technology service providers in the U.S.
https://www.msn.com/en-us/money/markets/dow-closes-550-points-lower-wiping-out-gains-for-the-year/ar-BBQCAEq?li=BBnbfcN
Guess that happens when the bankruptcy king runs your economy.
fleur-de-lisa
(14,624 posts)TeamPooka
(24,226 posts)duforsure
(11,885 posts)After he and the gop passed their tax scam bill giving trillions of our money to the wealthiest people in this country , and took almost 2 trillion out of Medicaid, Medicare, and Social Security, and add his stupid irresponsible tariffs . He's hurt farmers, auto workers, coal miners, people in the medical field, and many , many others. The economy is tanking as seen wit the stock market read y to really crash soon. They've hurt President Obama's economic boom, and have destroyed it now. trump supporters will be hurt the most.
Achilleaze
(15,543 posts)FloridaBlues
(4,008 posts)Are we seeing a slow down starting. Not sure we can go through another recession .
Esp with this idiot administration who started this slide downward.