Stocks plunge on worries over trade
NEW YORK (AP) - Stocks are plunging, sending the Dow Jones industrials down 700 points, as investors fear that trade tensions will spike between the U.S. and China.
The Trump administration announced trade sanctions against China Thursday, and Beijing has said it will defend itself.
Industrial and technology companies, which depend heavily on foreign trade, took some of the worst losses.
Boeing, Caterpillar and Microsoft all fell sharply.
Bond prices surged as investors sought cover, sending yields lower. That helped push bank stocks sharply lower too.
High-dividend stocks like utilities, another safe-play investment, rose.
The S&P 500 index dropped 68 points, or 2.5 percent, to 2,643.
The Dow plunged 713 points, or 2.9 percent, to 23,964. The Nasdaq composite sank 158 points, or 2.2 percent, to 7,181.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Thief returns special needs girl's stolen tricycle
Road closure this weekend ahead of century-old farmhouse move
Small plane makes emergency landing in Scotlandville Friday; no injuries reported
Southern University police bust a move while filming 'Lipsync Challenge' video
Still no leads in parish-wide cat killings