DOW falls 724 points as stocks plunge

DOW falls 724 points as stocks plunge

US markets fell steeply earlier this year when he imposed steep tariffs on steel and aluminum imports.

The Dow Jones Industrial Average fell 403.99 points, or 1.64 percent, to 24,278.32, the S&P 500 lost 38.28 points, or 1.41 percent, to 2,673.65 and the Nasdaq Composite dropped 95.54 points, or 1.3 percent, to 7,249.75. After a public comment period, the final list, created to target Chinese products that benefited from improper access to United States technology, will be made public.

On Thursday they fled stocks and bought bonds, which sent bond prices higher and yields lower.

While the big decline may be unnerving to investors, according to Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute, this is the volatility the bank was expecting.

Losses for chipmakers pulled technology companies lower on Friday. The Philadelphia Semiconductor index slumped 3.3 percent.

The semiconductor sector took a fall after Micron Technology's quarterly report stoked fears about falling NAND prices. Hong Kong's Hang Seng lost 3.2 percent to 30,090.32 and the Shanghai Composite in mainland China sank 2.7 percent to 3,169.19. The S&P technology index fell 1.51 percent on fears of greater regulation in the wake of the Facebook data leak.

The president directed US Trade Representative Robert Lighthizer to announce a proposed list of products to be hit with tariff increases within 15 days.

Tariffs were part of a flurry of news out of Washington that roiled the markets.

"Markets are looking immensely fragile today".

The S&P 500 fell 2.5 percent to 2,643.69, with seven of 11 sectors - including tech and financials - dropping more than 2 percent.

Indians who were kidnapped by ISIS in Iraq found dead
The physical remains of the Indians will be repatriated by the government in a special aircraft, the minister told parliament. "The 39th had a partial match as he didn't have any immediate family", said Swaraj.

The Dow Jones Industrial Average shed over 700 points during trading on Thursday.

The Dow dropped more than 500 points, or 2%, on Thursday, underlining growing concerns among investors about looming tariffs on China.

Investors also sold some of the market's biggest recent winners.

The drop on Thursday was the largest since a historic 1,032-point drop in February, as the tariff announcement caused concern with investors. Online retailer Amazon slid $36.94, or 2.3 percent, to $1,544.92.

The Trump administration announced trade sanctions against China, and Beijing has said it will defend itself.

China is preparing a range of responses and has threatened to retaliate by hitting U.S. agricultural exports.

"We have a tremendous intellectual property theft situation going on", he said as he signed the order.

Earlier this month the Trump administration ordered tariffs on imported steel and aluminum, and stocks dropped as investors anxious about the possibility of tougher restrictions on global trade and smaller profits for corporations. The administration recently imposed tariffs on aluminum and steel, although it exempted some nations including Canada and Mexico.

The jitters over trade tensions sent investors toward traditional "safe havens" like the Japanese yen, which strengthened against the USA dollar. The euro rose to $1.2337 from $1.2302.

"The biggest threat is retaliation and where it all ends", says Craig Erlam, senior market analyst at OANDA, a currency trading firm with offices in NY.

Related Articles