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BUSINESS A25
Stocks tumble on trade fears; S&P has worst week in 2 years
By MARLEY JAY
NEW YORK (AP) — Stocks
around the world plunged
Friday as investors feared
that a trade conflict be-
tween the U.S. and China,
the biggest economies in
the world, would escalate.
A second day of big losses
pushed U.S. stocks to their
worst week in two years.
As of Friday afternoon,
China's only response to
the tariffs President Don-
ald Trump announced this
week was to say it would
defend itself. But investors
are concerned tensions
will keep rising, and that
a round of sanctions and
retaliation will affect the
global economy and cor-
porate profits.
The Chinese government
did say it might place tar-
iffs on a $3 billion list of U.S.
goods such as pork, apples
and steel pipes. That was
a response to the tariffs on
steel and aluminum imports
that Trump announced
earlier this month.
The losses were wide-
spread. Technology com-
panies were pummeled.
They have made enormous
gains over the last year, but
since they do so much busi-
ness outside the U.S., inves-
A swan-song for Toys R Us, the going-out-of-business sale
By JOSEPH PISANI
AP Retail Writer
NEW YORK (AP) — Toys R
Us opened its doors Friday
with a going-out-of-busi-
ness sale, offering clear-
ance discounts at all 735
U.S. stores, including Babies
R Us.
The company did not say
how big the discounts will
be or when it expects stores
to shut down. Last week,
the company said it would
close or sell all its stores af-
ter operating from months
under bankruptcy protec-
tion.
Here's what you need to
know:
CAN I USE MY GIFT CARDS?
Yes, but only until April 21.
WILL THERE BE LIQUIDATION
SALES ON ITS WEBSITES,
TOO?
Saturday 24 March 2018
Dropbox co-founders Drew Houston, second left, and Arash Ferdowsi, third left, and company ex- 174.01 points, or 2.4 per-
ecutives celebrate as their company's IPO begins trading at the Nasdaq MarketSite, in New York's cent, to 6,992.67.
Times Square, Friday, March 23, 2018. Banks also took steep losses
as interest rates decreased.
(AP Photo/Richard Drew) They had climbed earlier
this week after the Fed-
tors see them as particular- investors are hoping for ther decline if people get a eral Reserve raised interest
ly vulnerable to the effects hints the sanctions on Chi- sense there could be more rates, but then tumbled
of a trade dispute. na are more of a negotiat- trade restrictions in place." after the tariffs were pro-
Stocks sagged at the start ing tactic. The S&P 500 index dropped posed. If the tariffs and
of this month after the tar- "There could be a possibil- 55.43 points, or 2.1 percent, counter-tariffs reduce eco-
iffs on aluminum and steel ity of a bounce back if, as to 2,588.26. The index skid- nomic growth in the U.S.,
were announced, but they this progresses, both sides ded 6 percent this week, its the Fed is likely to raise rates
quickly recovered as the look like they're negoti- worst since January 2016. at a slower pace.
administration said the tar- ating," said Lisa Erickson, The Dow Jones industrial The sanctions Trump pro-
iffs wouldn't be as severe as chief investment officer at average lost 424.69 points, posed Thursday could af-
they first looked. The losses U.S. Bank Wealth Manage- or 1.8 percent, to 23,533.20. fect as much as $60 billion
this week were worse, and ment. "There could be fur- The Nasdaq composite fell in imports and are a re-
sponse to allegations Bei-
jing steals or forces foreign
companies to hand over
technology.
Germany's DAX lost 1.8 per-
cent and the French CAC-
40 fell 1.4 percent. The FTSE
100 in Britain dipped 0.4 per-
cent. Japan's benchmark
Nikkei 225 index plunged
4.5 percent and South Ko-
rea's Kospi tumbled 3.2 per-
cent. Hong Kong's Hang
Seng lost 2.5 percent.
Big U.S. companies tend to
get more of their revenue
from foreign customers
than small companies do,
and that makes them more
vulnerable to damage
from a trade war. q
A woman carries items while the sliding doors begin to close but did not provide specif- tailers, said in the past it has
on a Toys R Us location during a liquidation sale Friday, March ics. It urged customers to offered to transfer card-
23, 2018, in Elizabeth, N.J. Toys R Us is opening its doors with a write down the products holders of out-of-business
going-out-of-business sale, offering clearance discounts at all on their registry before it retailers to different cards,
735 stores, including Babies R Us. disappears. It is no longer but it hasn't made a final
accepting new baby reg- decision yet for Toys R Us
(AP Photo/Julio Cortez) istries. credit cards.
Cardholders with a bal-
No, only in stores. WHAT ABOUT MY BABIES R CAN I USE A COUPON? ance will still have to pay it,
US REGISTRY? No, it will no longer ac- even if the cards can't be
CAN I RETURN ITEMS I BUY The Babies R Us website cept any type of coupons used anymore.
DURING THE CLOSING will be open for a "limited in stores or online, includ-
SALES? time," the company said, ing ones that were recently WHAT IF I HAVE ITEMS ON
No. mailed. LAYAWAY?
The company said it is
CAN I PAY WITH MY TOYS R sending notices to cus-
US CREDIT CARD? tomers who have items on
Yes, both Toys R Us credit layaway. They will have 21
cards can be used dur- days after the notice to
ing the closing sales, but it pay the remaining amount
won't offer the discounts or ask for a refund on their
that come with the cards, deposit. Those that don't
and no loyalty points will take any action will lose
be earned on purchases. their deposit and the item
Synchrony Financial, which may be sold to someone
operates the credit cards else.
for Toys R Us and other re- q