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
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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)

(Newser) – 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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