Dow tumbles 572 points as trade war fears pummel stocks

US stocks close higher even as US-China dispute escalatesMore

Conrad Doyle | 07 April, 2018, 08:09

Boeing, among the hardest-hit stocks on Wednesday after China retaliated with $50 billion in tariffs on United States goods, rose 2.7 percent, giving the Dow its biggest boost.

"That's not showing us wage inflation where the Fed would have to step in".

"It's bad when this happens on a Friday, because then people get freaked out over the weekend", Donald Selkin, New York-based chief market strategist at Newbridge Securities Corp, said by phone. "We're not quite sure what the long-term strategy is".

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, has swung dramatically this week, with about 1,300 points separating its lowest point Monday afternoon from its high late Thursday.

The early declines followed an announcement by the Chinese government that it plans to impose tariffs of 25 percent on a list of more than 100 USA goods worth $50 billion, including soybeans and aircraft.

"Clearly the reaction from China to tariffs is clearly the only factor driving the markets today", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.

Boeing, which delivered one-fourth of all its planes to China a year ago, fell as much as 5.7 percent early on and finished with a loss of $3.38, or 1 percent, at $327.44. The S&P 500 fell 0.31 percent to 2,654.7 and the Nasdaq Composite declined 0.26 percent to 7,058.23.

Stocks dipped further after Trump criticized the World Trade Organization on Twitter Friday morning. Investors are expecting another quarter of strong profit growth, and the reports will give investors more insight into the effects of the recent corporate tax cuts on the economy as well as on company profits and spending.

China issued a $50 billion list of more than 100 US goods including soybeans and aircraft targeted for a possible 25 per cent tariff hike, releasing it after trading ended in most Asian markets. Optimism about the world economy has helped many tech companies make huge gains in the past year.

Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month.

This comes after Beijing and Washington detailed plans to hike tariffs on a broad swath of imported goods from each other, in a series of rapid-fire announcements over less than 24 hours that ratcheted up tensions over their trade dispute. The unemployment rate remained low and the job market looks fundamentally healthy, but it's possible some employers are struggling to find workers.

Benchmark US crude dropped 1.48 dollars, or 2.3%, to 62.06 dollars a barrel in NY while Brent crude, used to price worldwide oils, lost 1.22 dollars, or 1.8%, to 67.11 dollars per barrel in London.

Wall Street analysts, like markets, can't agree on whether there's a global trade war brewing.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.77% from 2.83%.

PayPal dipped $2.63, or 3.4 per cent, to $74.32. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower.

Japan's benchmark Nikkei 225 index edged 0.1 percent higher to 21,672.94 while South Korea's Kospi slipped 0.4 percent to 2,427.21. Heating oil lost two cents to 1.96 dollars a gallon.

Gold, considered a safe-haven investment, rose almost 1 percent. While the UK's FTSE 100 Index dipped by 0.2%, the French CAC 40 Index and the German DAX Index dropped by 0.4% and 0.5%, respectively.

Facebook, Amazon, Alphabet and Netflix - collectively known as the "FANG" group - were up between 0.3 per cent and about 3 per cent.

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Dow tumbles 572 points as trade war fears pummel stocks

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