Wall Street reeling from trade war concerns

Mar 25, 2018, 01:48
Wall Street reeling from trade war concerns

An hour-and-a-half later, Dow Jones Industrial Average futures have risen 57 points, or 0.2%, while S&P 500 futures have gained 0.3%.

While Asian and European stocks remained under pressure Friday after China announced plans to hit back against a punishing tariffs announced by President Donald Trump, the Dow Jones Industrial Average was up 0.4 percent to 24,062.16 about 10 minutes into trading.

Traders and financial professionals working on the floor of the New York Stock Exchange (NYSE) ahead of the closing bell in December previous year. All 11 primary sectors finished lower, with financials plunging more than 2%. "If it escalates rapidly, it could be a major headwind for the market", said Peter Kenny, senior market strategist at Global Markets Advisory Group, in NY.

Stocks sank again, giving Wall Street its worst week in two years, as fear gripped investors that China and the USA were headed for a trade war.

The Nasdaq fell 2.4 percent Friday, losing 6.5 percent on the week, weighed down by fading technology stocks. The S&P was down 5.95% this week, while the 30-member Dow lost 5.67% and entered correction territory.

On Thursday, the Trump administration slapped China with $60 billion worth of trade tariffs.

The Dow is down 1,186.02 points, or 4.8 percent. The benchmark index also nudged closer to its last month's low, which marked a correction, ending 9.9 percent lower than its January 26 record.

The semiconductor sector took a fall after Micron Technology's quarterly report stoked fears about falling NAND prices.

Orders for durable goods, key USA products that are expected to last at least three years, jumped 3.1% in February, much stronger than the 1.5% estimate.

Declining issues outnumbered advancing ones on the New York Stock Exchange by a 3.96-to-1 ratio; on NASDAQ, a 3.72-to-1 ratio favored decliners. Shares in major USA exporters have fallen as US trading partners pledge to retaliate.