Wall Street’s worst crisis since COVID slammed into a higher, scarier gear. The S&P 500 plummeted 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%.
The losses came after China matched President Donald Trump’s big raise in tariffs announced earlier this week.
Not even a better-than-expected report on the U.S. job market was enough to stop worries about the escalating trade war possibly causing a recession. The head of the Federal Reserve also warned about how tariffs can push up on inflation.
On Friday:
The S&P 500 fell 322.44 points, or 6%, to 5,074.08.
The Dow Jones Industrial Average fell 2,231.07 points, or 5.5%, to 38,314.86.
The Nasdaq composite fell 962.82 points, or 5.8%, to 15,587.79.
The Russell 2000 index of smaller companies fell 83.51 points, or 4.4%, to 1,827.03.
For the week:
The S&P 500 is down 506.86 points, or 9.1%.
The Dow is down 3,269.04 points, or 7.9%.
The Nasdaq is down 1,735.20 points, or 10%.
The Russell 2000 is down 196.24 points, or 9.7%.
For the year:
The S&P 500 is down 807.55 points, or 13.7%.
The Dow is down 4,229.36 points, or 9.9%.
The Nasdaq is down 3,723.01 points, or 19.3%.
The Russell 2000 is down 403.13 points, or 18.1%.
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