Dow closes 760 points lower in worst day of 2019
Stocks ended sharply lower Monday as a trade war between the world’s largest economies intensified, with China retaliating against President Donald Trump’s latest move.
The Dow closed down 767 points after dropping more than 950 points. The S&P 500 dropped nearly 3%, while the Nasdaq shed 3.5%. The major indexes posted their worst day of the year and have fallen more than 6% from record highs set last month.
The move continues a sell-off that began last week when President Donald Trump ordered new tariffs on the rest of Chinese goods and the Federal Reserve failed to signal it would be as aggressive as the market hoped in backstopping the economic slowdown. The Nasdaq fell for a sixth straight session, its longest losing streak since late 2016. The S&P 500 also posted a six-day losing streak. The Dow declined for a fifth straight day.
Apple led the decline in stocks that have the most to lose from these new tariffs, losing 5.2%. Nike dropped 2.7%. Macy’s and Best Buy pulled back 3.1% and 3.5%, respectively. The SPDR S&P Retail ETF (XRT) closed 2.2% lower. FedEx dropped 4%. Caterpillar and Boeing dropped 2.3% and 2.5%, respectively. Semiconductor stocks such as Micron Technology, Skyworks Solutions and Advanced Micro Devices fell at least 4.4%.
https://www.msn.com/en-us/money/markets/dow-closes-760-points-lower-in-worst-day-of-2019/ar-AAFlytq?li=BBnbfcL
