Page 25 - ARUBA TODAY

BUSINESS Tuesday 3 april 2018
A25

Tech woes, worsening tensions

with China sink U.S. stocks

By MARLEY JAY
AP Markets Writer
NEW YORK (AP) — U.S.
stocks are tumbling Mon-
day after China raised im-
port duties on U.S. pork,
apples and other products.
It's too soon to call it the
beginning of a trade war,
but for now, investors aren't
sticking around to find out.
Formerly high-flying tech-
nology companies like Mi-
crosoft and Alphabet fell.
Intel dove 5.7 percent fol-
lowing a report in Bloom- New York Stock Exchange President Tom Farley, left, escorts
berg News that Apple World Wrestling Entertainment's Paul "Big Show" Wight on the
plans to start using its own trading floor before he rings the NYSE opening bell Monday,
chips in Mac computers April 2, 2018, to highlight upcoming WrestleMania 34.
as early as 2020, replacing Associated Press
Intel. Elsewhere, Amazon
sank following more broad- last week. And that could The price of gold climbed
sides from President Donald be true for Mexico as well 1.2 percent to $1,343.60 an
Trump on Twitter, and elec- as for China." ounce and silver jumped
tric car marker Tesla gave Food maker Tyson dropped 2 percent to $16.60 an
back 4.4 percent after say- 6.3 percent after China ounce as some investors
ing the vehicle in a fatal raised import duties on a took money out of stocks
crash last week in Califor- $3 billion list of U.S. goods and looked for safer invest-
nia was operating on Au- in response to the tariffs on ments.
topilot mode, making it the imported steel and alumi- Bond prices turned higher.
latest accident to involve a num that President Trump The yield on the 10-year
semi-autonomous vehicle. ordered last month. Treasury note fell to 2.72
Major indexes were off their Other recent market lead- percent from 2.74 percent
worst levels of the day in ers like industrial giant Boe- after a sharp decline last
late afternoon trading. The ing and streaming video week.
Standard & Poor's 500 in- service Netflix also slumped. Amazon fell another $70.84,
dex was down 67 points, After a month of public ne- or 4.9 percent, to $1,376.50.
or 2.6 percent, to 2,572 as gotiations between the U.S. After peaking at almost
of 3:19 p.m. Eastern time. and several other coun- $1,600 a share last month,
The benchmark index is tries, Monday marked the Amazon has slumped with
on track for its lowest close first time another country the market recently. De-
since late October. has formally placed tariffs spite its recent losses, Ama-
The Dow Jones industrial on U.S. goods in response zon stock is still up about 18
average lost 584 points, or to the Trump administra- percent in 2018. Wholesale
2.4 percent, to 23,520. It tion's recent trade sanc- gasoline dropped 5 cents
was down as much as 758 tions. to $1.97 a gallon.q
earlier.
The Nasdaq composite
slumped 211 points, or 3
percent, to 6,852. The Rus-
sell 2000 index of smaller-
company stocks fell 38
points, or 2.5 percent, to
1,491.
Kate Warne, an investment
strategist for Edward Jones,
said the step by China is
small but significant.
"The fact that a country
has actually raised tariffs in
retaliation is an important
step in the wrong direc-
tion," she said. "The tariffs
imposed by China today
lead to greater worries that
we will see escalating tar-
iffs and the possibility of a
much bigger impact than
investors were anticipating