NEW YORK (NEWS 1130) – US President Donald Trump’s approval of tens of billions of dollars in duties on Chinese imports sparked a selloff in stocks.
At the closing bell, the Dow Jones Industrial average was down 724 points or 2.9 per cent to 23,958. The S&P/TSX Composite Index fell 1.8 per cent of 275 points to 15,400.
The Trump administration announced trade sanctions against China Thursday, and Beijing has said it will defend itself.
Dow drops 700 points late in the session, 2.8%, on investor fear about Trump's trade tariffs on China.
— Richard Dettman (@rwdettman) March 22, 2018
Industrial and technology companies, which depend heavily on foreign trade, took some of the worst losses.
Boeing, Caterpillar and Microsoft all fell sharply.
Bond prices surged as investors sought cover, sending yields lower. That helped push bank stocks sharply lower too.
High-dividend stocks like utilities, another safe-play investment, rose.