Stocks dive amid uncertainty, fears of trade war

11 April, 2018, 12:44 | Author: Franklin Nunez
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The president's top economic adviser said the USA and China are holding "back-channel discussions" to resolve an escalating trade dispute that has unsettled global financial markets. The Russell 2000 index of smaller-company stocks added 19.62 points, or 1.3 percent, to 1,512.15.

"We've gone from Larry Kudlow trying to calm the markets down to the administration saying, 'Hey, ignore the markets, '" Hogan said. The FTSE 100 in Britain lost 0.2 per cent.

"There was a hope that if he had a more dovish tone that that might be a counterbalance to the trade headwinds out there", said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. Eastern time. The Dow Jones industrial average fell 419 points, or 1.7 per cent, to 24,085.

If the 200 day moving average lines and support breaks at each (2), the descending triangles suggest that the Dow and S&P end up falling an additional 10%.

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Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike".

"Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process", McMillan said. We were badly represented.

The U.S. Treasury puts the closing yield on the 10-year note at 2.77%.

In regards to backing down in the potential trade war, Mr. Trump said on WABC Radio's, Bernie & Sid in the Morning show, "If I did that, I'm not doing my job".

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Mnuchin said he was hopeful that negotiations with his Chinese counterparts could avert a damaging escalation of retaliatory, tit-for-tat tariffs but declined to elaborate on the status of talks and whether he thought an agreement could be reached. "Today's decline will likely accelerate the pace of testing the indices yearly lows in the coming days", said Peter Cardillo, chief market economist at First Standard Financial in NY.

"As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious", said Brad McMillan, chief investment officer for Commonwealth Financial Network. Caterpillar fell 3.5 percent. Even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the USA and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect.

The S&P 500 fell 56 points, or 2.1 percent, to 2,607.

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