> S&P 500 plunges 6% to close its worst week since 2020 after China retaliates against Trump's tariffs
S&P 500 plunges 6% to close its worst week since 2020 after China retaliates against Trump's tariffs
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Wall Street’s worst crisis since COVID slammed into a higher, scarier gear Friday.
The S&P 500 lost 6% after China matched President Donald Trump’s big raise in tariffs announced earlier this week. The move increased the stakes in a trade war that could end with a recession that hurts everyone. Not even a better-than-expected report on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide.
The drop closed the worst week for the S&P 500 since March 2020, when the pandemic crashed the economy. The Dow Jones Industrial Average plunged 2,231 points, or 5.5% Friday, and the Nasdaq composite tumbled 5.8% to pull more than 20% below its record set in December.
MORE: https://www.wthr.com/article/news/nation-world/sell-off-worsens-for-markets-worldwide-china-retaliates-against-trumps-tariffs/507-e03bdfbf-1a7a-41b3-9e84-328c69ae4d20