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NEW YORK (AP) — Stocks plunged, sending the Dow Jones industrials down more than 700 points, as investors feared that trade tensions will spike between the U.S. and China.
READ MORE: Pennsylvania Great Outdoors Visitors Bureau Hosting Photo Contest With Cash PrizesThe Trump administration announced trade sanctions against China Thursday, and Beijing has said it will defend itself.
NEW: Dow Jones sinks more than 700 points at closing bell amid fears of trade war; earlier Thursday, Pres. Trump announced new tariffs against China https://t.co/vcpL5BZDke pic.twitter.com/XJ0L6gTNsL
— CBS News (@CBSNews) March 22, 2018
Industrial and technology companies, which depend heavily on foreign trade, took some of the worst losses.
Boeing, Caterpillar and Microsoft all fell sharply.
READ MORE: FDA Announces Recall For Foaming Hand Soap Over Contamination WorriesBond prices surged as investors sought cover, sending yields lower.
High-dividend stocks like utilities, another safe-play investment, rose.
U.S. indexes had their worst drops since February 8.
The S&P 500 index dropped 68 points, or 2.5 percent, to 2,643, erasing its gain for the year.
The Dow sank 724 points, or 2.9 percent, to 23,957. The Nasdaq lost 178 points, or 2.4 percent, to 7,166.
MORE NEWS: Third Stimulus Check: How Could The Economic Relief Package Put More Money In Your Pocket?(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
