4:19 pm EDT
Dow Dives 1%, Apple Reverses As Trump Tweets Torpedo Stock Market
President Trump torpedoed an early rally in the stock market today after announcing new China tariffs. The Dow Jones Industrial Average dived more than 1% as it neared a test of its 50-day moving average....MORE
The Dow Jones Industrial Average sank 1%, the S&P 500 shed 0.9% and the Nasdaq lost 0.8%. Small caps tracked by the Russell 2000 took the hardest hit, down 1.5%. Volume swelled on the NYSE and Nasdaq vs. Wednesday, according to preliminary data.
The Nasdaq had rallied as much as 1.6%, the Dow Jones index 1.2% and the S&P 500 1.1%, ahead of the tariff news. Trump tweeted tariffs on $300 billion in China goods would start Sept. 1. All three indexes trimmed losses going into the last hour of regular trade to close slightly off session lows.
Goldman Sachs (GS), Caterpillar (CAT), Nike (NKE) and Dow (DOW) tumbled more than 3% apiece. Caterpillar and Nike sliced their 50-day lines.
Apple (AAPL), which gets some iPhone components from China, reversed to a 2.2% drop in twice normal trade. It had risen as much as 2.3%. Shares slid further below a 215.41 buy point, after briefly clearing the entry on Wednesday....
And more to come.
