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Dow Down 98 Over Trade Worries

S&P 500 loses 3.1% for the week
By Newser Editors and Wire Services
Posted Aug 2, 2019 3:15 PM CDT
Dow Down 98 Over Trade Worries
Trader Tommy Kalikas, center, works on the floor of the New York Stock Exchange, Wednesday, July 31, 2019.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing out their worst week of the year as traders worry that President Trump's escalating trade war with China could damage the economy. Technology stocks came under the heaviest selling pressure Friday. Apple lost 2.2% and Broadcom gave back 2.4%. Safe-play stocks did relatively well as investors went on the defensive. Utilities and real estate companies rose, reports the AP.

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Oil prices turned higher a day after their biggest plunge in more than four years. The S&P 500 fell 21 points, or 0.7%, to 2,932. It lost 3.1% for the week. The Dow Jones Industrial Average lost 98 points, or 0.4%, to 26,485. The Nasdaq fell 107 points, or 1.3%, to 8,004. Bond prices rose. The yield on the 10-year Treasury fell to 1.85%. (Read more stock market stories.)

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