US stocks finished deep in the red on Friday, falling sharply amid worries about the worsening relationship between the United States and China.
China announced this morning it would impose tariffs on $75 billion worth of American goods. President Trump expressed his frustration about the developments, tweeting the US didn’t “need” China and urging American businesses to “immediately start looking for an alternative to China.”
- The Dow finished down 2.4%, or 623 points. At its worst, the Dow was down more than 700 points.
- The S&P 500 closed 2.6% lower.
- The Nasdaq Composite finished down 3%.
It was the worst day for stocks since August 14. All three indexes ended the week in negative territory, marking their fourth down-week in a row.
Shares of companies sensitive to the trade tensions, such as Apple (AAPL), Intel (INTC) and IBM (IBM), led losers in the Dow. Boeing (BA) was the only Dow component that ended the day in the green.