Stock Rout Continues as Dow Plunges 400 Points

Stock Rout Continues as Dow Plunges 400 Points

The S&P 500 fell 55 points, or 2.1 percent, to 2,588.

The Dow Jones Industrial Average tumbled 424.69 points, or 1.77%, to 23,533.20.

In a volatile trading session on Friday, the S&P 500 came within a hair of its 200-day moving average, a key technical level.

The drop on Friday pushed the S&P 500 9% below its peak in late January, just short of the 10% threshold at which the index enters a correction.

President Trump said the stock market is "way up" as Wall Street struggles to shake off fears of a global trade war after the USA moved to slap tariffs on China.

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Wall Street fears the new US tariffs will spur retaliation from China and hinder global economic growth.

The S&P 500 and the tech-heavy Nasdaq Composite are also in retreat as investors nervously digested the trade volleys coming out of Washington and Beijing.

The Standard & Poor's 500-stock index was down 2.1 percent; and tech-heavy Nasdaq fell 2.4 percent as its stalwart Facebook declined almost 14 percent for the week as it faced a crisis over data misuse.

The Dow lost 1,413.31 points, or 5.7 percent.

The Dow is down almost 5 percent in 2018.

More news: WTO doing 'detailed analysis' of Trump tariffs against China

The Cboe Volatility Index, the most widely followed barometer of expected near-term volatility in the S&P 500, finished up 1.53 points at 24.87, its highest close since February 13.

Bloomberg News cited the Chinese ambassador to the US saying that the country is "looking at all options" in response to tariffs, which could include scaling back purchases of US Treasuries.

Nike was up more than three percent after an upbeat earnings report Thursday and despite the departure of a senior executive for bad behavior.

Declining issues outnumbered advancing ones on the New York Stock Exchange by a 3.96-to-1 ratio; on NASDAQ, a 3.72-to-1 ratio favored decliners.

The Nasdaq fell roughy 2.4 percent, while the S&P slid 2.5 percent.

More news: Formula One: Daniel Ricciardo handed three-place penalty for Australian Grand Prix

Volume on United States exchanges was 8.11 billion shares, above the 7.3 billion average for the last 20 trading days.

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