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.