BUSINESS Wall Street slides, Dow erases 2018 gains as trade spat intensifies

BUSINESS

Wall Street slides, Dow erases 2018 gains as trade spat intensifies

Reuters

22:26, June 19, 2018

dow.jpg

A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, US, June 4, 2018. (Reuters/Lucas Jackson)

US stocks slumped on Tuesday, with the Dow Jones Industrial Average erasing its gains for the year, as markets were rattled by escalation of the trade dispute between the United States and China.

At 9:40 am ET, the Dow Jones Industrial Average was down 300.90 points, or 1.20 percent, at 24,686.57. The S&P 500 was down 20.32 points, or 0.73 percent, at 2,753.43 and the Nasdaq Composite was down 57.32 points, or 0.74 percent, at 7,689.70.

The sell-off was broad-based, with 29 of the 30 Dow components in the red and eight of the 11 major S&P sectors lower.

The S&P materials index declined 1.8 percent and the industrials index fell 1.5 percent. The tech and energy were down more than 1 percent.

Shares of Boeing, which is the single largest US exporter to China, fell 3 percent, weighing the most on the Dow. It was followed by construction equipment maker Caterpillar, which dropped 2.8 percent.

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