NEW YORK (AP) – Markets are closing sharply lower after the latest escalation of the U.S.-China trade dispute.
President Donald Trump said U.S. companies are “hereby ordered” to find an alternative to doing business with China after Beijing announced tariffs on $75 billion of U.S. goods.
The Dow Jones industrials sank 623 points, or 2.4%.
Bond prices soared, sending yields lower. The yield on the 10 year Treasury fell to 1.52%.
Technology companies, which have much to lose in the trade battle, fell the most. Apple dropped 4.6%.
Trump also said he was “ordering” UPS, Federal Express and Amazon to block deliveries from China of the opioid fentanyl. FedEx and UPS sank.
The S&P 500 fell 75 points, or 2.6%, to 2,847. The Nasdaq dropped 239 points, or 3%, to 7,751.
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