Markets Right Now: Stocks sink as trade war escalates

FILE - In this May 9, 2019, file photo trader Jonathan Corpina works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Monday, May 13. (AP Photo/Richard Drew, File)

NEW YORK — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are plunging on Wall Street after China said it would retaliate against the U.S. with tariffs, escalating a trade dispute that investors had hoped would go away.

China said Monday it would put levies on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

U.S. companies that would stand to lose the most in a prolonged trade war with China led the way lower. Apple fell 5.4% and Caterpillar dropped 5.1%.

Utilities, which investors tend to buy when they are fearful of market turbulence, were the only sector to rise.

The Dow Jones Industrial Average sank 623 points, or 2.4%. The S&P 500 fell 71 points, or 2.5% and the Nasdaq sank 3.3%.

___

9:35 a.m.

Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.

China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.

The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.

Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.

People also read these

Clinton hits Trump by recalling her father's business

Aug 29, 2016

Hillary Clinton is invoking memories of her father's drapery business as she questions Donald Trump's economic record and promotes her small business plans

Global stocks rise as investors weigh future of US rates

Aug 30, 2016

Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year

Police look into whether sun glare was factor in kayak crash

Aug 31, 2016

Authorities are looking into whether sun glare was a factor in an accident in which a ferry departing a New York City pier slammed into a group of kayakers, critically injuring one

Walk The Biz welcomes all casual and easygoing readers who seeks to digest business travel to international trade policy to starting in the transportation & shipping industry.

Contact us: sales@walkthebiz.com

Subscribe to our newsletter now!

Name:

Email: