Wall Street Ends Sharply Lower on Mounting Concerns Over Economy, Tariffs
U.S. stocks tumbled on Friday, extending their selloff in the wake of dour economic reports and closing the book on a holiday-shortened week fraught with new tariff threats and worries of softening consumer demand.
All three major U.S. stock indexes moved decisively lower on the heels of the data, and continued their slide into afternoon trading. All three also posted steep weekly losses.
Economic data showed U.S. business activity decelerating and consumer sentiment deteriorating, with survey participants expressing an increasingly gloomy outlook in the face of economic unknowns.
The data comes on the heels of Walmart's (WMT.N), disappointing guidance on Thursday, which sparked fears of dampening consumer demand.
This week, U.S. President Donald Trump said he will soon announce new tariffs covering lumber and forest products, in addition to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
According to preliminary data, the S&P 500 (.SPX), lost 104.01 points, or 1.70%, to end at 6,013.46 points, while the Nasdaq Composite (.IXIC), lost 434.97 points, or 2.20%, to 19,524.01. The Dow Jones Industrial Average (.DJI), fell 751.33 points, or 1.69%, to 43,428.02.
Source : Reuters
