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Dow ends the day down 618 points after dramatic day of losses

The escalation in trade tensions between the U.S. and China wiped more than $1 trillion from global markets in just one day.

May 13, 2019, 8:35 AM CDT / Updated May 13, 2019, 3:25 PM CDT
By Lucy Bayly

Wall Street saw a massive sell-off on Monday as investors responded to an escalating trade battle between the U.S. and China, after Beijing announced it would be slapping tit-for-tat tariffs on $60 billion of U.S. goods.
https://www.nbcnews.com/business/economy/tequila-tv-cameras-here-s-everything-china-targeting-its-25-n1005106

Concluding a session of steep losses, the Dow Jones Industrial Average ended down by 618 points, or 2.38 percent, marking the biggest one-day loss for the blue-chip index since January.

At the closing bell, the S&P 500 had dipped 2.4 percent and the tech-heavy Nasdaq Composite ended its worst day this year, down 3.4 percent.

The dramatic trading session saw companies with the greatest exposure to China — such as Dow stalwarts Boeing and Caterpillar — take the largest hits. The tech sector also took a beating, with Apple, United Technologies and Cisco all down around 5 percent.

The escalation in trade tensions between the U.S. and China wiped more than $1 trillion from global markets in just one day. Stock exchanges across the world have witnessed intense volatility over the past few weeks, with all three major indices in the U.S. seeing an extended sell-off as investors parsed the likelihood of a resolution to months of trade negotiations between the world's two largest economies.

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https://www.nbcnews.com/business/business-news/dow-falls-almost-500-points-china-retaliates-slapping-tariffs-60b-n1004881