ECONOMY

Dow falls 2.2 percent as Wall Street losses deepen

Trader Fred DeMarco works on the floor of the New York Stock Exchange, Thursday, Dec. 6, 2018. U.S. (AP photo)

Losses on Wall Street deepened Friday afternoon amid anxiety over the U.S.-China trade clash as the White House sent conflicting messages on trade policy.

Friday's sell-off erased more than 500 points from the Dow Jones Industrial Average, bringing its weekly drop to more than 1,000.

Technology and health care stocks led the way lower. Microsoft fell 3.4 percent.

Traders have been dumping stocks this week as doubts emerged about how much progress had been made on defusing trade tensions between the U.S. and China.

News that a prominent Chinese tech executive had been arrested at Washington's request suggested those tensions could get worse.

The Dow dropped 561 points, or 2.2 percent, to 24,394.

The broad-based S&P 500 slumped 2.3 percent to 2,633.42, while the tech-rich Nasdaq Composite Index tumbled 3.1 percent to 6,968.48.

The losses ended the worst week for U.S. stocks since March and left both the Dow and S&P 500 in negative territory for the year.

Contact Us