Escalating US-China trade war sinks stock indexes

The Associated Press

5 years ago

Market maker Thomas Brown follows stock prices at the New York Stock Exchange, Monday, May 13, ... — Market maker Thomas Brown follows stock prices at the New York Stock Exchange, Monday, May 13, 2019. U.S. stocks moved sharply lower Monday on Wall Street and extended the market’s slide into a second week as investors seek shelter from an escalating trade war between the U.S. and China. (AP Photo/Mark Lennihan)

NEW YORK — Stocks closed sharply lower as an escalating trade war between the U.S. and China rattles investors.

Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market Monday.

Apple gave up almost 6%. Industrial stocks including Deere and Boeing also fell sharply.

Utilities, a haven for fearful investors, were among the few stocks that rose. Prices for other safe-play assets like bonds and gold also rose.

The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324.

The S&P 500 fell 69 points, or 2.4%, to 2,811.

The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year.