Stocks Plunge Amid Trade War Fears

US indexes have worst drops since Feb. 8
By Newser Editors and Wire Services
Posted Mar 22, 2018 3:04 PM CDT
Trader Fred DeMarco, left, works with colleagues in a booth on the floor of the New York Stock Exchange, Thursday, March 22, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks plunged, sending the Dow Jones industrials down more than 700 points, as investors feared that trade tensions will spike between the US and China, the AP reports. The Trump administration announced trade sanctions against China Thursday, and Beijing has said it will defend itself. Industrial and technology companies, which depend heavily on foreign trade, took some of the worst losses. Boeing, Caterpillar and Microsoft all fell sharply. Bond prices surged as investors sought cover, sending yields lower. High-dividend stocks like utilities, another safe-play investment, rose. US indexes had their worst drops since February 8. The S&P 500 index dropped 68 points, or 2.5%, to 2,643, erasing its gain for the year. The Dow sank 724 points, or 2.9%, to 23,957. The Nasdaq lost 178 points, or 2.4%, to 7,166. (Read more stock market stories.)

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