|Day's Range||25,702.68 - 26,320.29|
|52 Week Range||21,712.53 - 27,398.68|
U.S. stocks fell after President Donald Trump wrote in a series of Twitter posts that he would be ordering U.S. companies to “immediately start looking for an alternative” to their business operations in China.
All eyes will be on Federal Reserve Chairman Jerome Powell Friday morning when he speaks at the Fed’s annual Jackson Hole Economic Policy Symposium.
Wall Street plunged in a broad sell-off on Friday as China and the United States traded their latest salvos in a prolonged trade war, spooking investors and erasing slight gains following a generally positive speech by U.S. Federal Reserve chair Jerome Powell. Trump pressed American companies to leave China in response to an earlier announcement from Beijing that it would impose a new round of retaliatory tariffs on an additional $75 billion in U.S. goods, upping the ante in an acrimonious trade war that has roiled markets for months and shown little sign of abating.
WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump on Friday said he has ordered American companies to exit China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, throwing a new twist into the bitter trade war between the world's two largest economies. Trump said on Twitter he will issue a response to China's latest tariff plan on Friday afternoon. The president was meeting with his trade team at midday, a senior White House official told Reuters.
U.S. stocks and Treasury yields sank after President Donald Trump said that American companies are “hereby ordered to immediately start looking for an alternative to China.”
The Dow Jones Industrial Average, Nasdaq and Russell 2000 showed deep declines in another bearish session for stocks. Microsoft is yielding recent gains.
U.S. stock indexes slumped nearly 2% on Friday after President Donald Trump told U.S. companies they should look for ways to close their China operations, following Beijing's announcement that it would impose retaliatory tariffs on U.S. goods. Trump's assertion that the U.S. would be "far better off" without China wiped out what would have been Wall Street's first weekly gain since July, while also knocking back the impact of a speech by Federal Reserve Chief Jerome Powell supporting further cuts in interest rates.
A friendship between President Donald Trump and one of his most vocal advocates has taken an almost-Shakespearean twist.
U.S. stocks fall sharply Friday as President Donald Trump says he’s “ordering” U.S. companies to start looking for “an alternative to China” after Beijing imposed more retaliatory tariffs on U.S. goods.
DOW UPDATE The Dow Jones Industrial Average is seeing a selloff Friday afternoon with shares of Apple Inc. and American Express facing the biggest setback for the price-weighted average. Shares of Apple Inc.
The three major U.S. stock market indexes dropped sharply after President Donald Trump said he would respond to new Chinese tariffs on U.S. goods and told U.S. businesses to find alternatives to China.
President Donald Trump on Friday slammed Federal Reserve Chairman Jerome Powell after a closely watched speech, asking if the central bank chief or China’s president was a bigger enemy of the United States.
Wall Street's three main indexes lost more than 1% on Friday after President Donald Trump ordered U.S. companies "to immediately start looking for an alternative to China" in response to Beijing's threat to impose retaliatory tariffs on U.S. goods. Trump gave no detail on how he might proceed with any such order, although he said he would be offering a response later on Friday. Earlier in the day, China vowed to impose additional tariffs on goods worth $75 billion that include agricultural products, crude oil, small aircraft and cars.
U.S. stocks hit session lows on Friday as President Donald Trump appeared to mandate in a tweet that U.S. companies make their products at home and said he would hold a conference in the afternoon to discuss the matter. The Dow Jones Industrial Average fell 500 points, or 1.9% at 25,759, the S&P 500 index fell 2% at 2,865, while the Nasdaq Composite Index declined 2.3% lower at 7,806. Trump said "our great American companies" to "immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA." The losses erased weekly gains for the S&P 500 and the Nasdaq while the Dow was off 0.1%. The Trump statement comes after the Chinese ministry indicated that it was preparing to raise tariffs in two batches on $75 billion in U.S. imports on Sept. 1 and Dec. 15, which would coincide with the dates that the U.S. is slated to increase tariffs on some $300 billion in China goods.
DOW UPDATE The Dow Jones Industrial Average is in a selloff Friday morning with shares of Apple Inc. and 3M facing the biggest declines for the index. Shares of Apple Inc. (AAPL) and 3M (MMM) are contributing to the index's intraday decline, as the Dow (DJIA) was most recently trading 441 points (1.
The major stock indexes were lower early Friday after China retaliated with new tariffs. Meanwhile, Fed chief Powell's comments buoyed some stocks.
President Donald Trump on Friday said the Federal Reserve "did nothing" after Chairman Jerome Powell said the central bank is watching economic developments and will "act as appropriate." Trump, who has frequently pressed the Fed to aggressively cut interest rates, asked in a tweet, "who is our bigger enemy," Powell or Chinese President Xi Jinping, after China announced new tariffs on American products. The Dow Jones Industrial Average flipped into positive territory Friday after Powell's speech, following early losses after the China tariff news was announced.
DOW UPDATE The Dow Jones Industrial Average is trading up Friday morning with shares of Boeing and UnitedHealth delivering the strongest returns for the price-weighted average. The Dow (DJIA) is trading 24 points higher (0.