Dow closes nearly 500 points lower in biggest drop since January
Stocks fell sharply Tuesday after a top U.S. trade official indicated that higher tariffs on Chinese goods are coming later this week, disappointing traders who hoped President Donald Trump’s weekend tweet threat was just a negotiation tactic.
The Dow closed 473 points lower at 25,965 after plunging as much as 648 points at its low of the day, while the S&P 500 lost 1.65% to end at 2,884. It was the Dow’s biggest drop since January 3. The Nasdaq dropped 1.96% to 7,963. All 30 of Dow components fell, and all 11 S&P sectors finished lower in the broad sell-off.
Shares of trade bellwethers Caterpillar and Boeing fell 2.26% and 3.87%, respectively. Boeing also broke below its 200-day moving average for the first time since January. Chipmakers, especially vulnerable if China retaliates, led the tech sector lower as Intel dropped 1.44%. Apple also fell 2.7%.
U.S. Trade Representative Robert Lighthizer told reporters that the U.S. will increase levies on Chinese imports on Friday.
https://www.msn.com/en-us/money/markets/stocks/ar-AAB0TCx
Lost nearly $8000 today. Thanks dotard.