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Trump’s Trade War Bombshell Pummels Dow, But Bitcoin Mounts Recovery

Josiah Wilmoth
donald trump xi jinping stock market dow jones bitcoin

The battered US stock market enters the week’s final trading session with little hope of patching its previous-day wounds. Rather, trade war pessimism looks poised to deal further blows to the Dow and its peers, which are currently steeling themselves for major opening bell losses. The mood is slightly more positive in the cryptocurrency market where the bitcoin price has made a slight recovery.

Dow Preps for [Another] Triple-Digit Decline

dow jones futures s&P 500 nasdaq

Futures tracking the Dow Jones Industrial Average (blue), S&P 500 (red), and Nasdaq (orange) endured sharp losses on Friday.

As of 8:55 am ET, Dow Jones Industrial Average futures had declined 97 points or 0.39 percent, implying an opening bell drop of 102.53 points. Dow futures had traded lower earlier in the day but trended up ahead of the market open. S&P 500 futures and Nasdaq futures also traded in the red, with the former down 0.44 percent and the latter losing 0.7 percent.

On Thursday, the stock market took steep losses following several reports that suggested the United States and China would not arrive at a new trade agreement before hefty tariffs kick in at the beginning of March. The Dow ended the day at 25,169.53, down 220.77 points or 0.87 percent after trading more than 350 points in the red earlier in the day. The S&P 500 declined by 0.94 percent, while the Nasdaq plunged by 1.18 percent.

Read the full story on CCN.com.