Escalating US-China trade war sinks stock indexes
NEW YORK — Stocks closed sharply lower as an escalating trade war between the U.S. and China rattles investors.
Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market Monday.
Apple gave up almost 6%. Industrial stocks including Deere and Boeing also fell sharply.
Utilities, a haven for fearful investors, were among the few stocks that rose. Prices for other safe-play assets like bonds and gold also rose.
The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324.
The S&P 500 fell 69 points, or 2.4%, to 2,811.
The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year.
