Stocks Tumble on New China Trade Fears

Dow ends day down 137
By Newser Editors and Wire Services
Posted Aug 30, 2018 3:16 PM CDT
Stocks Tumble on New China Trade Fears
Trader Mark Muller, right, works on the floor of the New York Stock Exchange, Tuesday, Aug. 28, 2018. Stocks are opening broadly higher on Wall Street as stocks add to the records they've set in the last few days.   (AP Photo/Richard Drew)

(Newser) – Stocks are ending lower after Bloomberg News reported the Trump administration could move forward with $200 billion in tariffs on Chinese goods as early as next week, the AP reports. The news knocked stocks lower Thursday afternoon, ending a four-day rally that brought major U.S. indexes to record highs. Banks, retailers and technology companies did worse than the rest of the market. Makers of basic materials also fell. Dollar Tree plunged 15.5% after the discount retailer reported results that missed estimates. The S&P 500 index fell 12 points, or 0.4%, to 2,901. The Dow Jones Industrial Average lost 137 points, or 0.5%, to 25,986. The Nasdaq composite slid 21 points, or 0.3%, to 8,088. (Read more stock market stories.)

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