The Dow bounced back after plunging over 400 points at open, as the deepening U.S.-China trade war spooked markets
- U.S. stocks posted broad-based declines on Monday after President Donald Trump threatened to raise tariffs on Chinese goods this week, triggering worries about a global economic slowdown.
The threat sent the S&P 500 down as much as 1.6% during the session and led to a drop in U.S. Treasury yields as investors turned to low-risk government bonds. However, the major indexes pared some losses in afternoon trading. [US/] Boeing Co, the single largest U.S. exporter to China, fell 1.7%, while chipmakers, which get a good portion of their revenue from China, also tumbled.
At 12:27 p.m. ET the Dow Jones Industrial Average was down 239.12 points, or 0.90%, at 26,265.83. The S&P 500 was down 29.29 points, or 0.99%, at 2,916.35 and the Nasdaq Composite was down 92.22 points, or 1.13%, at 8,071.78.Automakers General Motors Co declined 2.3%, while Ford Motor dipped 0.6%. Occidental is trying to convince Anadarko to accept its offer and abandon the agreed $33 billion sale to Chevron Corp. The oil major was up 1.5%.
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