Dow Plunges 700 Points as U.S.-China Trade War Escalates
Staff and wire reports
2:42 p.m. ET May 13, 2019
U.S. markets are getting slammed as the trade war between the U.S. and China escalates, and are on pace for their worst day of 2019.
The Dow plunged 700 points Monday, giving up almost 3%. The S&P 500 fell 2.6% and the tech heavy Nasdaq slumped 3.42%, led by Apple.
Share prices of the Detroit Three all slid by early afternoon, with General Motors Co. off 3.6%, and Ford Motor Co. and Fiat Chrysler Automobiles down 2.8%. Tesla Inc. was hardest hit among major carmakers, falling 5% with investors betting it won’t be long before cars crossing the two countries’ borders are again subject to bigger tariffs.
American Axle shares were down 4.4%. Other Michigan companies joined the slide, including DowDuPont, Inc., Domino's Pizza and Lear Corp.
Every one 30 companies that make up the Dow Jones index is in negative territory.
Oil prices are falling as well, with many fearing that the fight between the world’s two largest economies will slow global growth.
2:42 p.m. ET May 13, 2019
U.S. markets are getting slammed as the trade war between the U.S. and China escalates, and are on pace for their worst day of 2019.
The Dow plunged 700 points Monday, giving up almost 3%. The S&P 500 fell 2.6% and the tech heavy Nasdaq slumped 3.42%, led by Apple.
Share prices of the Detroit Three all slid by early afternoon, with General Motors Co. off 3.6%, and Ford Motor Co. and Fiat Chrysler Automobiles down 2.8%. Tesla Inc. was hardest hit among major carmakers, falling 5% with investors betting it won’t be long before cars crossing the two countries’ borders are again subject to bigger tariffs.
American Axle shares were down 4.4%. Other Michigan companies joined the slide, including DowDuPont, Inc., Domino's Pizza and Lear Corp.
Every one 30 companies that make up the Dow Jones index is in negative territory.
Oil prices are falling as well, with many fearing that the fight between the world’s two largest economies will slow global growth.
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