Stocks racked up more losses on Wall Street Tuesday as a trade war between the US and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.
- 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 despite a rebound in big tech stocks like Nvidia, which rose 1.7%.
The burgeoning trade war between the US, China, Canada, and Mexico is helping to extend a recent slump for US stocks, the
AP reports. The Trump administration imposed tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs against imports from China. All three countries
announced retaliatory actions, sparking worries about a slowdown in the global economy.
Worries about tariffs raising consumer prices and reigniting inflation have been weighing on both the economy and Wall Street. The tariffs are prompting warnings from retailers, including Target and Best Buy, as they report their latest financial results. Target fell 3% despite beating Wall Street's earnings forecasts, saying there will be "meaningful pressure" on its profits to start the year because of tariffs and other costs. Best Buy plunged 13.3% for the biggest drop among S&P 500 stocks after giving investors a weaker-than-expected earnings forecast and warning about tariff impacts. "International trade is critically important to our business and industry," said Best Buy CEO Corie Barry.
(More
stock market stories.)
,
uBlock 
,
and
Ghostery 
)
