Dow industrials down more than 300 points at Thursday's opening bell

10 April, 2018, 19:17 | Author: Regina Lloyd
  • Dow industrials down more than 300 points at Thursday's opening bell

Experts say the latest threat from China - a plan for tariffs on $50 billion worth of U.S. exports - could be an effort to push the United States into negotiating a deal to defuse the trade spat.

The S&P 500 Index plunged more than 2 per cent and all 30 members of the Dow Jones Industrial Average retreated as President Donald Trump ordered a review of additional tariffs that prompted an aggressive response from China. The index briefly fell more than 750 points.

Trump, in a statement, said he proposed the additional tariffs "in light of China's unfair retaliation" against earlier USA actions that included $50 billion of tariffs on Chinese goods.

Wary investors had been holding out hope that the two sides will reach a deal before the proposed trade barriers go into effect. Even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

Stocks were mostly unaffected by the March jobs report, which showed that the United States economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The economy saw the addition 103,000 nonfarm jobs as the unemployment rate held at 4.1%, its lowest since 2000.

"China, which is a great economic power, is considered a Developing Nation within the World Trade Organization", the president tweeted on Friday.

The losses wiped out the major indexes' gains for the week, with the S&P 500 down 1.7% and the Nasdaq down 2.2% as investors moved into haven assets such as bonds and gold.

The next chart highlights that the 10-year yield has spent the majority of the past 25-years inside of a falling channel.

Gold rose $7.60 to $1,336.10 an ounce. Copper fell 2 cents to $3.06 a pound. PayPal dipped $2.63, or 3.4 percent, to $74.32.

The dollar fell to 106.86 yen from 107.12 yen. The FTSE 100 in Britain lost 0.2 per cent. The euro rose 0.4 per cent to $1.2286, the British pound gained 0.7 per cent to $1.4094, while the Japanese yen rose 0.5 per cent to 106.895.



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