Stocks Drop Most in Six Weeks on Trade War Tension: Markets Wrap
- Dow Jones Industial Average loses more than 700 points
- Oil turns lower as trade fears spur global risk-off trade
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U.S. stocks tumbled, pushing benchmark gauges back toward the lows set during the worst of the February rout, as President Donald Trump’s decision to slap tariffs on Chinese goods heightened concern that a trade war could throttle global growth.
The S&P 500 Index sank 2.5 percent, the biggest one-day drop in six weeks, and the Dow Jones Industrial Average lost more than 700 points. As investors dumped stocks, they rushed to the safety of the Treasury bond market, where yields fell back toward 2.8 percent, and the yen, which rallied the most in three weeks.