Stocks suffer across-the-board losses as U.S., China trade tit-for-tat responses over tariffs. The Dow closed down more than 600 points.
By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow May 13 at 4:02 PM U.S. markets plunged Monday as China said it would raise steep tariffs on $60 billion in U.S. goods, upping the stakes of a trade war that threatens to imperil the global economy.
The S&P 500 and Nasdaq saw their worst day of the year. The S&P on Monday held just above a key threshold of 2,800. Asian markets were down more than 1 percent on China’s response, with the Shanghai Composite dropping 1.2 percent and Japan’s Nikkei 225 down just shy of 1 percent. European markets were down across the board, with the German Dax leading the drop, off 1.5 percent. France’s CAC had fallen 1.2 percent and the Pan European Stoxx 600 was off 1.2 percent.
Oil futures initially climbed on the news, with U.S. benchmark West Texas Intermediate advancing 1.6 percent and Brent crude up nearly 2 percent. Both benchmarks had reversed and oil prices were on the decline by early afternoon as the trade fears overwhelmed the Iran concerns.
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