Dow dives 724 points as Trump's China tariffs sink inU.S. stocks suffered heavy losses Thursday amid a day of sharp volatility after President Donald Trump unveiled his tariffs on China, at the same time he is dealing with the departure of his chief legal eagle John Dowd.
The Dow Jones Industrial Average lost 724.42 points, or 2.93%, slipping to 23,957.89. The S&P 500 dropped 68.24 points, or 2.52%, to 2,643.69. The Nasdaq Composite fell 178.61 points, or 2.43%, to 7,166.68.
With Thursday’s declines, the Dow has retreated 9.99% from its recent high, just shy of the 10% mark that signifies correction territory. Financials led the market lower, falling 3.7% on the day. Industrials and materials were also among the worst-performing sectors in the S&P.
The sell-off came as Trump announced that the U.S. will impose tariffs on China and restrict the transfer of technology to Chinese firms. According to Trump, the tariffs on China could be as high as $60 billion, while United States Trade Representative Robert Lighthizer and the president’s chief trade advisor, Peter Navarro, told reporters in a briefing that they will be $50 billion.
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