Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.
The benchmark index fell 1.2% and the Dow Jones Industrial Average shed 670 points, or 1.6%, The Nasdaq slipped 0.4% despite a rebound in big tech stocks such as Nvidia.
The burgeoning trade war between the U.S., China, Canada and Mexico is helping to extend a recent slump for U.S. stocks. Shares of Target and Best Buy fell after the retailers warned of pressure on sales and higher prices for consumers.
On Tuesday:
The S&P 500 fell 71.57 points, or 1.2%, to 5,778.15.
The Dow Jones Industrial Average fell 670.25 points, or 1.6%, to 42,520.99.
The Nasdaq composite fell 65.03 points, or 0.4%, to 18,285.16.
The Russell 2000 index of smaller companies fell 22.70 points, or 1.1%, to 2,079.53.
For the week:
The S&P 500 is down 176.35 points, or 3%.
The Dow is down 1,319.92 points, or 3%.
The Nasdaq is down 562.12 points, or 3%.
The Russell 2000 is down 83.54 points, or 3.9%.
For the year:
The S&P 500 is down 103.48 points, or 1.8%.
The Dow is down 23.23 points, or 0.1%.
The Nasdaq is down 1,025.63 points, or 5.3%.
The Russell 2000 is down 150.63 points, or 6.8%.
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