Wall Street’s sell-off hit a new low following President Donald Trump’s latest escalation in his trade war.
The S&P 500 fell 1.4% Thursday to finish more than 10% below its record, which was set just last month. Professional investors call such a decline a ‘correction,’ and it’s the first for the index since 2023. The Dow Jones Industrial Average fell 1.3%, and the Nasdaq composite lost 2%.
Even a pair of encouraging reports showing better-than-expected readings on inflation and joblessness couldn’t offset worries about escalating tariffs around the world. Treasury yields sank in the bond market as pessimism built about the economy.
On Thursday:
The S&P 500 fell 77.78 points, or 1.4%, to 5,521.52.
The Dow Jones Industrial Average fell 537.36 points, or 1.3%, to 40,813.57.
The Nasdaq composite fell 345.44 points, or 2%, to 17,303.01.
The Russell 2000 index of smaller companies fell 32.78 points, or 1.6%, to 1,993.69.
For the week:
The S&P 500 is down 248.68 points, or 4.3%.
The Dow is down 1,988.15 points, or 4.6%.
The Nasdaq is down 893.21 points, or 4.9%.
The Russell 2000 is down 81.79 points, or 3.9%.
For the year:
The S&P 500 is down 360.11 points, or 6.1%.
The Dow is down 1,730.65 points, or 4.1%.
The Nasdaq is down 2,007.78 points, or 10.4%.
The Russell 2000 is down 236.47 points, or 10.6%.