U. S. stocks closed for the week lower after a sharp selloff of industrial and financial stocks after investors worried that a U. S.-China trade fight appeared to be escalating.
New York City
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U. S. stocks closed for the week lower after a sharp selloff of industrial and financial stocks after investors worried that a U. S.-China trade fight appeared to be escalating.
Trump said that he was considering another $100 billion in tariffs on Chinese goods. China said that it would respond to any such action quite resolutely. Investors were worried by these developments.
There were also concerns in the afternoon after the Federal Reserve chair Jerome Powell made a speech in which he advocated a patient approach to raising interest rates.
Statistics for the main indices
The Dow Jones Industrial Average (DJIA) fell a total of 572.46 points at the close to end at 23,392.76. This was down 2.3 percent. For the week it declined but just 0.7 percent. All thirty blue-chip companies declined at the close.
The S & P index (SPX) fell 58.37 points to 2,604.47. All main sectors of the index were negative. The drop was 2.2 percent. 95 percent of all the stocks in the index closed lower. Over the week, the index lost 1.4 percent.
Finally the Nasdaq Composite Index (COMP) lost 161.44 points to close at 6,915.11. The drop on the day was 2.28 percent and on the week 2.1 percent.
Why are markets declining?
Investors are worried that a trade war between the US and China will have a negative impact on the growth of both the domestic and global economies.
