US Markets Close Slightly Lower on Trade Concerns

After some sharp early losses, stocks are closing only slightly lower after the US announced tariffs on Chinese exports and China responded in kind, reports the AP. Energy companies dropped with oil prices Friday, and industrial and technology companies also fell after the White House announced a 25% tariff on $50 billion in imports from China. China said it will put penalties of the same scale on US goods. The S&P 500 slipped 3 points, or 0.1%, to 2,779; the Dow Jones industrial average fell 84 points, or 0.3%, to 25,090; and the Nasdaq composite declined 14 points, or 0.2%, to 7,746. Investors worried about a trade war sought the safety of bonds. The yield on the 10-year Treasury fell to 2.92%, and high-dividend stocks rose. (More stock market stories.)