Wall Street’s worst crisis since COVID slammed into a higher, scarier gear. The S&P 500 plummeted 6 percent Friday, the Dow Jones Industrial Average plunged 5.5 percent and the Nasdaq composite dropped 5.8 percent.
The losses came after China matched President Donald Trump’s big raise in tariffs announced earlier this week.
Not even a better-than-expected report on the U.S. job market was enough to stop worries about the escalating trade war possibly causing a recession. The head of the Federal Reserve also warned about how tariffs can push up on inflation.
On Friday:
The S&P 500 fell 322.44 points, or 6 percent, to 5,074.08.
The Dow Jones Industrial Average fell 2,231.07 points, or 5.5 percent, to 38,314.86.
The Nasdaq composite fell 962.82 points, or 5.8 percent, to 15,587.79.
The Russell 2000 index of smaller companies fell 83.51 points, or 4.4 percent, to 1,827.03.
For the week:
The S&P 500 is down 506.86 points, or 9.1 percent.
The Dow is down 3,269.04 points, or 7.9 percent.
The Nasdaq is down 1,735.20 points, or 10 percent.
The Russell 2000 is down 196.24 points, or 9.7 percent.
For the year:
The S&P 500 is down 807.55 points, or 13.7 percent.
The Dow is down 4,229.36 points, or 9.9 percent.
The Nasdaq is down 3,723.01 points, or 19.3 percent.
The Russell 2000 is down 403.13 points, or 18.1 percent.
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