Wall Street sinks on trade tensions

Credit: Reuters Studio
Published on August 23, 2019 - Duration: 01:26s

Wall Street sinks on trade tensions

Wall Street tumbled Friday after the U.S.-China trade war escalated sharply, with President Donald Trump demanding that U.S. companies seek alternatives to doing business with China after Beijing announced its own retaliatory measures.

Fred Katayama reports.


Wall Street sinks on trade tensions

Stocks got slammed Friday after tensions spiked higher in the U.S. trade war with China.

A tepid rally stemming from Fed Chair Jerome Powell's speech reversed after President Donald Trump tweeted U.S. companies should leave China.

He was responding to China's move to slap retaliatory tariffs on roughly $75 billion more in U.S. goods.

Trump's tweets knocked down stocks across the board.

The Dow fell 622 points.

The S&P 500 lost 2.6% on the day; for the week, it dropped nearly 1-and-a-half percent.

Pence Wealth Management chief investment officer Dryden Pence: SOUNDBITE: PENCE WEALTH MANAGEMENT CHIEF INVESTMENT OFFICER DRYDEN PENCE (ENGLISH) SAYING: "The big reaction came with Trump's tweet, and part of that has to do with you never know what he's going to say, and you never know what's going to happen.

So it increases some uncertainty of what's the next tool he's going to put on the table." Hasbro shares declined.

The toymakers isexpanding into the lucrative infant and preschool market with its purchase of Peppa Pig's parent, Entertainment One, for $4 billion.

Shares of HP fell.

CEO Dion Weisler is stepping down.

The personal computer and printer maker also forecast quarterly profit that was weaker than Wall Street expected.

Salesforce.com did the opposite, and its shares jumped.

The developer of customer relationship software issued a bullish outlook for quarterly and full-year revenue.

At least eight analysts responded by raising their price targets.

------------------------ Stocks got slammed Friday after tensions spiked higher in the U.S. trade war with China.

The tepid rally stemming from Fed Chair Jerome Powell's speech died after President Donald Trump said U.S. companies should "immediately start looking for an alternative to China." He was responding to China's move to slap retaliatory tariffs on roughly $75 billion more in U.S. goods.

Trump's tweet knocked down stocks across the board.

The S&P 500 lost _____ on the day; for the week, it _______.

Pence Wealth Management chief investment officer Dryden Pence: SOUNDBITE: PENCE WEALTH MANAGEMENT CHIEF INVESTMENT OFFICER DRYDEN PENCE (ENGLISH) SAYING: "XXX." China-sensitive stocks dropped, including industrials Caterpillar and 3M and chip stocks Intel and Nvidia.

Hasbro shares declined.

It's expanding into the lucrative infant and preschool market with its purchase of Peppa Pig's parent, Entertainment One, for $4 billion.

Shares of HP fell.

CEO Dion Weisler is stepping down.

The personal computer and printer maker also forecast quarterly profit that was weaker than Wall Street expected.

Salesforce.com did the opposite, and its shares jumped.

The developer of customer relationship software issued a bullish outlook for quarterly and full-year revenue.

At least eight analysts responded by raising their price targets.

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