Wall Street tumbles on trade war fears; tech, financials weigh
Wall Street`s three major indexes tumbled in late afternoon trading on Friday as investors shied away from risky bets going into the weekend while they braced for a potential U.S. trade war with China.
President Donald Trump`s plans for tariffs on up to $60 billion in Chinese goods moved the world`s two largest economies closer to a trade war as China declared plans to levy duties on up to $3 billion of U.S. imports including fruit and wine even as it urged the United States to "pull back from the brink."
"There is concern what the trade war could look like. Investors want to manage their risk. If it escalates rapidly, it could be a major headwind for the market," said Peter Kenny, senior market strategist at Global Markets Advisory Group, in New York.
Nasdaq was weighed down by technology stocks. Facebook
The S&P`s financial sector was the S&P`s biggest percentage loser due to falling yields in U.S. Treasuries.
At 3:26 p.m. ET, the Dow Jones Industrial Average <.dji> fell 288.14 points, or 1.2 percent, to 23,669.75, the S&P 500 <.spx> lost 39.98 points, or 1.51 percent, to 2,603.71 and the Nasdaq Composite <.ixic> dropped 118.33 points, or 1.65 percent, to 7,048.35.
Declining issues outnumbered advancing ones on the NYSE by a 2.76-to-1 ratio; on Nasdaq, a 3.04-to-1 ratio favoured decliners.
The S&P 500 posted 2 new 52-week highs and 30 new lows; the Nasdaq Composite recorded 20 new highs and 83 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.