May Ends on Sour Note Over Tariffs' Worry

Dow falls 354
By Newser Editors and Wire Services
Posted May 31, 2019 3:08 PM CDT
Tariffs' Worry Results in Rough Day for Markets
In this May 28, 2019, file photo, specialist Peter Mazza, left, and trader Stephen Gilmartin work on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Stocks tumbled on Wall Street Friday after the US announced plans to expand its trade war to Mexico, its third-biggest trading partner. The S&P dropped 36 points, or 1.3%, to 2,752; the Dow Jones Industrial Average fell 354 points, or 1.4%, to 24,815; and the Nasdaq slid 1142 points, or 1.5%, to 7,453, per the AP. Major stock indexes in Europe also fell earlier. Stocks of auto makers and railroad operators, which could be especially vulnerable to business disruptions from the tariffs on Mexico, were some of the biggest losers. General Motors fell 4.3%, and Kansas City Southern lost 4.5%.

Bond yields also continued their plunge as investors scrambled into safer investments amid worries that the trade war's multiplying fronts will hurt economic growth and corporate profits. The yield on the 10-year Treasury sank to 2.13% and touched its lowest level since the summer of 2017. (Read more stock market stories.)

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