Stocks have changed direction again and again this week as investors tried to get a sense of whether a trade dispute.
Stocks took another deep dive Friday, as fears of a global trade war continued to escalate in the wake of President Trump’s threat to slap China with another $100 billion worth of tariffs.
The market has changed direction again and again this week as investors tried to get a sense of whether a trade dispute between the U. S. and China will worsen, an outcome that could have major consequences for the global economy. The market didn’t get any help from a March jobs report published Friday that was far weaker than expected.
The Dow Jones industrial average dropped 572 points, or 2.3%, landing at 23,933 points, a 10% drop from its record high in January.
The benchmark S&P 500, meanwhile, lost 58 points, or 2.2%, and the Nasdaq slid 161 points, or 2.3%.
Stocks plummet as Trump attacks Amazon, China announces tariffs
The Dow, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its highest and lowest marks. It fell as much as 758 points Monday, then recovered all of those losses before tumbling again Friday.
The market volatility comes on the heels of Trump’s threat Thursday night that he was considering another $100 billion worth of tariffs on Chinese exports to the U. S. Earlier this week, the White House rolled out $50 billion worth of tariffs on Chinese steel and aluminum.
China rapidly responded by implementing $50 billion worth of tariffs on U. S. exports to China.
«The Chinese side will follow through to the end and will not hesitate to fight back at any cost,» the Chinese Commerce Ministry said in a statement Friday.
