Nasdaq Sees Biggest Drop of Year as Trade War Escalates

Dow plunges 617
By Newser Editors and Wire Services
Posted May 13, 2019 3:14 PM CDT
Dow Ends Day Down 617 as Trade War Escalates
In this May 9, 2019, file photo trader Jonathan Corpina works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Stocks are closing sharply lower as an escalating trade war between the US and China rattles investors, the AP reports. Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market Monday. Apple gave up almost 6%. Industrial stocks including Deere and Boeing also fell sharply. Utilities, a haven for fearful investors, were among the few stocks that rose. Prices for other safe-play assets like bonds and gold also rose. The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324. The S&P 500 fell 69 points, or 2.4%, to 2,811. The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year. (Read more stock market stories.)

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