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Dow Drops More Than 600 Points, Posts Worst Day Since January as China Trade War Escalates I6KIB
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Dow Drops More Than 600 Points, Posts Worst Day Since January as China Trade War Escalates

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The Last Outlaw
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PostThe Last Outlaw on Mon May 13, 2019 4:21 pm

Dow Drops More Than 600 Points, Posts Worst Day Since January as China Trade War Escalates I5Bn3

From CNBC

Fred Imbert of CNBC wrote:Stocks fell sharply Monday, with the Nasdaq having is worst day of the year, after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensified.

The Dow tumbled 617 points, or nearly 2.4%, and posted its worst session since Jan. 3. The S&P 500 also had its worst day since early January, falling 2.4%. The NASDAQ sank 3.4%.

At its lows of the day, the Dow fell as much as 719 points, while the S&P 500 and NASDAQ traded down 2.8% and 3.6%, respectively, at their session lows. The indexes came off their lows in afternoon trading after President Donald Trump said he had not decided whether to slap tariffs on an additional $325 billion in Chinese goods.

“I think this is a prelude of things to come,” said Phil Blancato, the CEO of Ladenburg Thalmann Asset Management. “We should expect more volatility for the foreseeable future.”

To stem the downturn, “you’d have to see China really come back to the table. The rhetoric we saw this morning tells you that’s not where they’re at,” he said.

China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. The goods targeted include a broad range of agricultural products. This comes after rump raised tariffs on Chinese imports last week. China said in a statement that the U.S. decision jeopardized the interests of both countries and does not meet the “general expectations of the international community,” according to a Google translation.

Treasury Secretary Steven Mnuchin told CNBC the two countries are “still in negotiations.“Trump also said the U.S. is in a “great position,” in the negotiations, noting that “our economy has been very powerful; theirs has not been.”

https://www.cnbc.com/2019/05/13/us-markets-react-to-china-trade-war-news-and-more.html
https://www.msn.com/en-us/money/markets/stocks/ar-AABgvpL

Donald Trump, 45th President of the United States wrote:Trade wars are easy to win.
Apparently not if the stock market is gonna drop like a lead balloon. Do us all a favor. Follow the directions on this sign....

Dow Drops More Than 600 Points, Posts Worst Day Since January as China Trade War Escalates Qf13j

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PostKyng on Thu May 16, 2019 4:25 pm

Hardly surprising that it dropped. With the rate at which he flip-flops between "trade deal" and "trade war", I'd be reluctant to invest too...

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