Diondon
Thanks to the lawyers uh, I marbled the foyer
Dow plummets more than 600 points after Trump orders US manufacturers to leave China
Stocks plunged on Friday after President Donald Trump ordered in a series of tweets that U.S. manufacturers find alternatives to their operations in China. Apple led the way lower.
The Dow Jones Industrial Average closed 620 points lower, or 2.4%. The S&P 500 and Nasdaq Composite slid 2.6% and 3%, respectively. The losses brought the Dow’s decline for August to more than 4%.
Trump tweeted on Friday: “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..your companies HOME and making your products in the USA.” However, it is not clear how much authority the president has on this front.
Donald J. Trump
✔@realDonaldTrump
https://twitter.com/realDonaldTrump/status/1164914959131848705
Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far....
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10:59 AM - Aug 23, 2019
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“The threats always been out there but there’s been no need to provoke that,” said Art Hogan, chief market strategist at National Securities. “It’s almost like the administration was expecting the Fed to announce a rate cut at the Jackson hole meeting.”
Apple shares dropped 4.6%. The VanEck Vectors Semiconductor ETF (SMH) slid 4.1% as Nvidia and Broadcom both fell around 5%. Caterpillar shares, meanwhile, pulled back 3.3%.
Friday’s decline added to a series of sharp moves down this month. The Nasdaq has now fallen at least 1% six times this month while the Dow has posted five drops of 1% or more. The S&P 500 has closed down 1% or more four times in August. Those moves come as the U.S.-China trade war intensifies while the bond market flashes a recession signal.
Trump’s tweets come after China unveiled new tariffs on Chinese goods. China will implement new tariffs on another $75 billion worth of U.S. goods, including autos. The tariffs will range between 5% and 10% and will be implemented in two batches on Sept. 1 and Dec. 15.
Stocks plunged on Friday after President Donald Trump ordered in a series of tweets that U.S. manufacturers find alternatives to their operations in China. Apple led the way lower.
The Dow Jones Industrial Average closed 620 points lower, or 2.4%. The S&P 500 and Nasdaq Composite slid 2.6% and 3%, respectively. The losses brought the Dow’s decline for August to more than 4%.
Trump tweeted on Friday: “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..your companies HOME and making your products in the USA.” However, it is not clear how much authority the president has on this front.
Donald J. Trump
✔@realDonaldTrump
https://twitter.com/realDonaldTrump/status/1164914959131848705
Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far....
74.7K
10:59 AM - Aug 23, 2019
Twitter Ads info and privacy
37.8K people are talking about this
“The threats always been out there but there’s been no need to provoke that,” said Art Hogan, chief market strategist at National Securities. “It’s almost like the administration was expecting the Fed to announce a rate cut at the Jackson hole meeting.”
Apple shares dropped 4.6%. The VanEck Vectors Semiconductor ETF (SMH) slid 4.1% as Nvidia and Broadcom both fell around 5%. Caterpillar shares, meanwhile, pulled back 3.3%.
Friday’s decline added to a series of sharp moves down this month. The Nasdaq has now fallen at least 1% six times this month while the Dow has posted five drops of 1% or more. The S&P 500 has closed down 1% or more four times in August. Those moves come as the U.S.-China trade war intensifies while the bond market flashes a recession signal.
Trump’s tweets come after China unveiled new tariffs on Chinese goods. China will implement new tariffs on another $75 billion worth of U.S. goods, including autos. The tariffs will range between 5% and 10% and will be implemented in two batches on Sept. 1 and Dec. 15.
