President Donald Trump said Thursday that "in light of China's unfair retaliation" to proposed US tariffs on $50 billion worth of imports from the country, he had instructed the office of the US Trade Representative to "consider whether $100 billion of additional tariffs would be appropriate".
The Dow Jones industrial average had another rough day, tumbling as much as 767 points at its low before recouping some of its losses and closing down 572 points, or 2.3%, at 23,932.76.
Earlier this week, the Trump administration announced plans for tariffs on $50 billion worth of Chinese goods in retaliation for China's alleged theft of U.S. intellectual property. Shares of Facebook fell 0.9%, extending a downtrend, as its user-information problems continued, even after CEO Mark Zuckerberg took to media outlets to apologize for the social network's recent missteps. "So the ability of the equity markets to push significantly lower is going to be limited", said John Brady, senior vice president at R.J. "We're not quite sure what the long-term strategy is".
Briefing.com analyst Patrick O'Hare said investors were disappointed by the lack of reassurances from Trump administration officials, including Mnuchin, who told CNBC that the administration hoped to negotiate but acknowledged that a trade war was a possibility. JPMorgan Chase fell $3.23, or 2.9 percent, to $108.65 and BB&T lost $1.89, or 3.6 percent, to $51.
Nixon, of Northern Trust, said businesses also support the idea of making changes in America's trade relationship with China.
Global markets continue to fall amid fears of trade war
The US president has said he will impose steep tariffs on steel and aluminum imports, which would hit China. "We'll see. Markets in India, the Philippines and Indonesia all fell. "Look, China created this problem , not president Trump".
Investors fear a trade war because it will restrict the flow of goods between the nations, which will not only hurt sales and corporate profits but also dent investor confidence.
The yield on the benchmark 10-year Treasury note settled at 2.830%, up from 2.788% on Wednesday.
Around two-thirds of the time, the descending triangle patterns result in lower prices.
The ETF's YTD performance is 0%, the 1 year is 0% and the 3 year is 0%.
Apple skidded $2.14, or 1.2 per cent, to $170.66 and Cisco Systems declined 63 cents, or 1.5 per cent, to $41.19.
Gold rose $7.60 to $1,336.10 an ounce. Silver edged up 1 cent to $16.36 an ounce. Copper fell 2 cents to $3.06 a pound. The euro rose to $1.2285 from $1.2256.
OVERSEAS: Germany's DAX was down 0.5 per cent while France's CAC-40 fell 0.3 per cent lower. This represents a $0.71 dividend on an annualized basis and a dividend yield of 1.29%.