Stocks Swoon Again; Dow Sinks 400

Traders worried about trade war between US, China
By Newser Editors and Wire Services
Posted Mar 23, 2018 3:28 PM CDT
In this July 8, 2015 file photo, Federal Hall's George Washington statue stands near the flag-covered pillars of the New York Stock Exchange.   (AP Photo/Bebeto Matthews, File)

(Newser) – Stocks sank again Friday, giving Wall Street its worst week in two years, as fear gripped investors that China and the US were headed for a trade war, the AP reports. The Dow Jones industrial average plunged more than 400 points, bringing its weekly decline to 1,400. Technology companies and banks sustained some of the biggest losses. Applied Materials lost 5.9% and Bank of America fell 4.5%. Traders are worried that an escalating trade spat between Washington and Beijing will hurt US businesses, especially those that do a lot of sales overseas.

The Dow lost 424 points, or 1.8%, to 23,533. The S&P 500 fell 55 points, or 2.1%, to 2,588. The Nasdaq fell 174 points, or 2.4%, to 6,992. Prices for Treasury bonds and gold rose.


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