US stocks snapped a four-session winning streak Wednesday after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world, which some investors fear could morph into a full-on trade war.
The Dow Jones Industrial Average slumped 219.21 points, or 0.9%, to 24,700.45.
The S&P 500 fell 19.82 points, or 0.7%, to 2,774.02. Only 1 of the 11 primary S&P 500 sectors closed in the green, with materials and the industrial sectors, both of which are seen as sensitive to trade issues, among the biggest losers. The energy sector also weighed on the market, tumbling more than 2% alongside a steep drop in the price of crude-oil futures. The utilities sector, up 0.9%, was the sole gainer.
The Nasdaq Composite Index shed 42.59 points, or 0.6% to 7,716.61.
Source : Marketwatch