Dow Falls 473 Amid Trade Tensions

S&P 500 sees biggest loss since late March
By Newser Editors and Wire Services
Posted May 7, 2019 3:04 PM CDT
In this April 11, 2019, file photo trader John Panin works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – An escalating showdown between the US and China over trade sent shudders through the stock market, handing the S&P 500 is biggest loss since late March, the AP reports. Technology and industrial stocks, which do a lot of business with China and would stand to suffer greatly in a protracted trade war, led the way lower on Tuesday. Apple lost 2.7% and United Technologies fell 3.4% China's top economic official travels to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods. Safe-play sectors like utilities held up better than the rest of the market. The S&P 500 fell 48 points, or 1.7%, to 2,884. The Dow fell 473 points, or 1.8%, to 25,965. The Nasdaq fell 159 points, or 2%, to 7,963. (Read more stock market stories.)

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