Stocks Tank Once Again Over Trade War Tensions

ABC News reports:

Stocks fell sharply Friday as trade tensions between the United States and China heated up. The Dow lost nearly 700 points at one point, a drop of more than 2%, after President Donald Trump threatened to escalate a confrontation with China over trade. The S&P 500 and the Nasdaq each declined more than 2%.

The Dow Jones would eventually rebound, closing at a loss of over 500 points. Trump said late Thursday that he was considering tariffs on $100 billion more in Chinese exports, which would triple what the United States is already planning.

All 30 companies on the Dow lost ground on Friday. Caterpillar, Boeing and Nike, giants with heavy exposure in China, led the index’s losses. Selling accelerated later in the day after Treasury Secretary Steve Mnuchin told CNBC, “There is the potential of a trade war.”