December 10, 2018
National Business Latest News | UMaine Black Bears | Leela the Cat | Millinocket Marathon | Impeachment

Dow drops 799 points over trade fears

Richard Drew | AP
Richard Drew | AP
Trader Michael Milano works on the floor of the New York Stock Exchange, Nov. 28, 2018.

Stocks took a nosedive on Wall Street as investors worried that a U.S.-China trade truce reached over the weekend wasn’t all it was cracked up to be.

The Dow Jones Industrial Average sank almost 800 points Tuesday.

Boeing and Caterpillar, two major exporters that would have much to lose of trade tensions don’t ease, weighed the most on the Dow.

Bond prices soared, sending yields lower, as traders shoved money into lower-risk investments.

The sharp drop in yields hurt banks because it makes it harder to earn money from lending. JPMorgan Chase sank 4.5 percent.

The S&P 500 lost 90 points, or 3.2 percent, to 2,700.

The Dow dropped 799 points, or 3.1 percent, to 25,027. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.

 


Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like