Now, losing 700 points happens every week!
U.S. markets reeling amid Trump tweets, escalating trade war with China
WASHINGTON—Stocks dropped Monday as technology companies came under fire and fears grew about a trade war with China.
It was a broad sell-off: The Dow Jones industrial average plunged more than 700 points, or 3 per cent, in afternoon trading. The Standard & Poor’s 500-stock index was down 3.2 per cent and the tech-heavy Nasdaq Composite was down 3.5 per cent as volatility continues to rock markets.
All three indexes are negative for the year and are in correction territory. A correction is generally considered a 10 per cent drop from its peak.
Eight of the 11 stock sectors are on pace to close in correction territory Monday. Energy was leading the downhill march, followed by consumer staples, financial services, industrials and information technology.
In Canada, the Toronto Stock Exchange’s S&P/TSX composite index was also down. By mid afternoon it had fallen 195 points, or 1.3 per cent.
China’s government said on Sunday that it would immediately impose tariffs on 128 U.S. commodities it imports in retaliation for U.S. President Donald Trump’s levies on steel and aluminum. The tax on U.S. goods could span pork, soybeans and fruit as well as aircraft.