How major United States stock indexes fared Tuesday
- by Patty Hardy
- in Business
- — Апр 5, 2018
The price of gold climbed $19.60, or 1.5 percent, to $1,346.90 an ounce and silver jumped 40 cents, or 2.5 percent, to $16.67 an ounce as some investors took money out of stocks and looked for safer investments. The sell-off left all three major indexes in the red for 2018. 3M, a diversified manufacturer, leads the Dow Jones in terms of overall point loss (accounting for 40 of the Dow's almost 500 point loss just before noon), followed closely by Home Depot, Boeing, Goldman Sachs, Caterpillar and Wal-Mart.
Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.
E-commerce giant Amazon dropped by over 5%, along with other tech stocks including Netflix and Tesla.
Intel shares dropped 6 percent after Bloomberg News reported that Apple would move away from the chipmaker and make their own computer chips. Nearly every stock in the Nasdaq 100 lost ground.
The Dow, which is now 11.2% below its January 26 all-time high, fell deeper into correction territory.
We're looking at the possibility of another volatile two-sided trade this week with bearish investors still concerned about trade wars and turmoil in the White House.
Читайте также: Villanova Basketball: DiVincenzo's heroics spell title for WildcatsAfter a month of public negotiations between the USA and several other countries, Monday marked the first time another country has formally placed tariffs on US goods in response to the Trump administration's recent trade sanctions. China is also targeting American pork products and aluminum scrap metal, with a 25 percent charge.
Trump plans to place additional tariffs on about $50 billion worth of Chinese goods - and Beijing has promised to respond. It was down as much as 639 in early afternoon trading.
From Hogan's standpoint, the president's demands about Mexico and the border wall he wants built spurred more worries than China's tit-for-tat response to USA tariffs. "NEED WALL!" Trump tweeted. However, if bulls fail to adequately defend this trend line, then the market decline could get ugly.
No matter the cause, signs of fear abounded. Crude oil plunged about 3%. Tyson Foods, which could see its sales in China dip as prices rise, slumped $4.42, or 6 percent, to $68.77.
"If protecting U.S. intellectual property is the ultimate goal here, I'm not sure how destroying shareholder wealth, damaging CEO confidence and making the American farmer the main sacrificial lamb here after [six] years of pain on the farm is going to get us there", Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in a note Wednesday. "Chinese tariffs are not surprising".
The S&P 500 fell 59 points, or 2.3 percent, to 2,581. The Dow snapped its longest quarterly winning streak in 20 years. Although this reading reflects the weakness that the market has endured, it is potentially reaching washed-out levels, from which a surprise reversal may develop. "The underlying fundamentals remain positive".
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