China intervenes in stock markets after U.S. tariffs trigger a rout

China intervenes in stock markets after U.S. tariffs trigger a rout

Wall Street's three major indexes tumbled in late afternoon trading on Friday as investors shied away from risky bets going into the weekend while they braced for a potential USA trade war with China.

Wall Street fears the new US tariffs will spur retaliation from China and hinder global economic growth.

Their combined net worth fell $181 billion this week as the S&P 500 Index and Dow Jones Industrial Average suffered their steepest weekly drop in more than two years amid heated rhetoric over tariffs and retaliation. The Dow shed 1,100 points over the past two trading days.

In a volatile trading session on Friday, the S&P 500 came within a hair of its 200-day moving average, a key technical level.

US stock markets ended their worst week in more than two years Friday after China threatened to respond in kind to President Donald Trump's imposition of $60 billion in tariffs on Chinese imports.

Trump's plans for tariffs on up to $60 billion in Chinese goods moved the world's two largest economies closer to a trade war. Nasdaq Composite futures are down 1.75 point, so almost flat.

The financials sector was the biggest loser among the 11 on the S&P 500.

More news: Koreas Hold Summit Prep Talks Next Week

The Dow is down almost 5 percent in 2018. The benchmark index also nudged closer to its February low, which marked a correction, ending 9.9 percent lower than its January 26 record.

The S&P 500 index rose 6 points, or 0.3 percent, to 2,650.

Nasdaq was weighed down by technology stocks.

Nike closed slightly higher, retreating from strong early gains which followed an upbeat earnings report Thursday and despite the departure of a senior executive for bad behavior.

Declining issues outnumbered advancing ones on the NYSE by a 2.76-to-1 ratio; on Nasdaq, a 3.04-to-1 ratio favoured decliners.

The Nasdaq fell roughy 2.4 percent, while the S&P slid 2.5 percent.

Volume on U.S. exchanges was 8.11 billion shares, above the 7.3 billion average for the past 20 trading days.

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