Markets Right Now: Stocks swoon again; Dow sinks 400
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks sank again, giving Wall Street its worst week in two years, as fear gripped investors that China and the U.S. were headed for a trade war.
The Dow Jones industrial average plunged more than 400 points, bringing its weekly decline to 1,400.
Technology companies and banks sustained some of the biggest losses. Applied Materials lost 5.9 percent and Bank of America fell 4.5 percent.
Traders are worried that an escalating trade spat between Washington and Beijing will hurt U.S. businesses, especially those that do a lot of sales overseas.
The Dow lost 424 points, or 1.8 percent, to 23,533.
The S&P 500 fell 55 points, or 2.1 percent, to 2,588. The Nasdaq fell 174 points, or 2.4 percent, to 6,992.
Prices for Treasury bonds and gold rose.
Stocks are turning lower on Wall Street following a huge slump a day earlier, when worries about an escalating trade conflict between the U.S. and China rattled investors.
Losses for chipmakers pulled technology companies lower on Friday. Banks also fell. Markets were also lower in Europe and Asia.
Micron Technology sank 6.3 percent and Bank of America lost 2.6 percent.
Nike jumped 2.6 percent after reporting a strong quarter.
The S&P 500 index gave up an early gain and was down 14 points, or 0.5 percent, to 2,629 in midday trading.
The Dow Jones industrial average fell 92 points, or 0.4 percent, to 23,858. The Nasdaq composite fell 61 points, or 0.8 percent, to 7,107.
Gold prices rose.
Stocks are moving higher in early trading as the market claws back some of the ground it lost a day earlier.
Technology companies, retailers and banks rose in early trading Friday, a day after markets were rattled by fears of an escalating trade conflict as the White House announced tariffs on Chinese goods.
Nike soared 3.8 percent after reporting a strong quarter. Target and Kroger both rose following a report that the two companies were considering a deal.
The S&P 500 index rose 6 points, or 0.3 percent, to 2,650.
The Dow Jones industrial average rose 101 points, or 0.4 percent, to 24,057. The Nasdaq composite rose 4 points, or 0.1 percent, to 7,171.