Wall Street is not having a good week.
Stoked by fears of a global trade war and a sell-off of tech stocks driven by Facebook’s data scandal, stocks tumbled again on Friday, with the Dow Jones finishing out its worst week in two years. Tariffs announced by President Trump have sparked a retaliatory response from China, with that country’s Commerce Ministry saying it would respond in kind by targeting American-made products, CNN reported today.
While the U.S. government did narrowly escape another shutdown today, that silver lining was not enough to curb the market’s downward trend. Here’s how things shook out:
- Dow Jones: Down 424 points (1.8%) to 23,533 points.
- S&P 500: Down 55 points (2.1%) to 2,588 points.
- Nasdaq: Down 174 points (2.4%) to 6,992 points.
Tech and bank stocks–not surprisingly–suffered some of the worst losses. The AP has more context here.