Stock losses accelerate on Wall Street over economy, trade issues
NEW YORK — Losses on the stock market are accelerating in midday trading as new signs of economic weakness and looming trade frictions spook already nervous investors.
The Dow Jones Industrial Average sank 525 points Wednesday, or 2%, to 26,044.
Investors seeking shelter piled money into government bonds, sending yields lower. The price of gold also rose.
A weak report on private sector hiring in the U.S. last month gave investors more reason to worry that President Donald Trump’s trade wars are taking their toll on the economy.
A ruling by a world trade body allowing the U.S. to impose $7.5 billion of tariffs on European goods as retaliation for illegal subsidies to Airbus also raised fears that global trade tensions could get worse.
The S&P 500 lost 1.8% and the Nasdaq fell 1.6% as of 8:45 a.m. PDT.
