Dow dives more than 500 points on trade tensions


Shares of chemicals and mining companies, some of which have stumbled since the steel and aluminium tariffs were first unveiled, were also in demand. The ICE U.S. Dollar Index ( slipped 0.3% to 90.02 following weaker-than-expected jobs report.

Trump, in a statement, said he proposed the additional tariffs "in light of China's unfair retaliation" against earlier USA actions that included $50 billion of tariffs on Chinese goods. "We're not quite sure what the long-term strategy is".

The Dow Jones industrial average closed 572 points down, or around 2.3%.

Friday's losses wiped out gains for the week, and the Dow sank back into correction territory - 10% below its all-time closing high in January. The Nasdaq composite dropped 139 points, or 2 percent, to 6,937.

On Wednesday, the Dow bounced back from a 500 point fall earlier to close up about 230 points after President Donald Trump's top economic adviser Larry Kudlow said the administration was involved in a "negotiation" with China rather than a trade war.

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TRADE TIFF: The administration spent the past few days reassuring investors that it's not rushing into a trade war, and China's government has done the same.

Global stock indexes rose Thursday as investors around the world grew more optimistic that a trade dispute between the United States and will resolve without much damage. China said it would "counterattack with great strength" if he that happens. Beijing responded within hours by announcing $50 billion worth of tariffs on United States goods.

Are we going to have a much stronger country? It's down 0.7 percent for the week. JPMorgan Chase fell $1.90, or 1.7 per cent, to $109.98 and BB&T lost $1.28, or 2.4 per cent, to $51.61.

"It shows a willingness to go to the mat on this and fight it out", he said.

China's commerce ministry said it would respond commensurate to USA action.

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Still, she said businesses support the idea of making changes in America's trade relationship with China.

If the economy added jobs in March, it will mark the 90 consecutive month of job gains. The economy saw the addition 103,000 nonfarm jobs as the unemployment rate held at 4.1%, its lowest since 2000. It dropped 2.2 percent a day earlier.

Investors fretted over how a potential trade fight between the US and China would impact domestic and global growth.

Their large dividend payments make those stocks similar to bonds, and investors find the stocks more appealing when bond yields are low.

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On average, equities research analysts expect that Microsoft Corp. will post $2.97 earnings per share for the current fiscal year. Therefore 64% are positive. 52 are the (NASDAQ: MSFT)'s ratings reports on April 6, 2018 according to StockzIntelligence Inc.