BREAKING; Stocks plunge as trade war between U.S. and China escalates; Dow Jones Industrial Average drops 470 points.
FILE - In this May 9, 2019, file photo trader Jonathan Corpina works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Monday, May 13. Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.
China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%. Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.
The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%. Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.
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