Stocks Sink After Trump Raises Tariffs

They had been on track for a good day
By Newser Editors and Wire Services
Posted Aug 1, 2019 3:24 PM CDT
Stocks Sink After Trump Raises Tariffs
Trader Michael Milano, left, works on the floor of the New York Stock Exchange, Wednesday, July 31, 2019.   (AP Photo/Richard Drew)

Stocks took a nosedive and bond prices spiked after President Trump said the US would raise tariffs on more Chinese goods, increasing the stakes in an ongoing trade battle, the AP reports. The market had been on track for its biggest gain in nearly two months Thursday. The Dow Jones Industrial Average was up nearly 300 points during the day but then plunged as much as 315. Retailers and technology companies, which do a lot of business with China, took heavy losses. Best Buy sank 10.8% and Micron lost 2.9%. The S&P 500 fell 26 points, or 0.9%, to 2,953. The Dow lost 280 points, or 1%, to 26,583. The Nasdaq gave up 64 points, or 0.8%, to 8,111. Bond prices soared. The yield on the 10-year Treasury fell to 1.89%, the lowest since November 2016. (Read more stock market stories.)

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