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Stocks fall as Trump's China tariff threat adds to fears over virus-hit economies

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NEW YORK (REUTERS) - Wall Street took a nosedive on Friday (May 1) on fears that the world's two largest economies could resume a trade war, dragging down a global stocks index on a day that many financial markets were closed for a holiday.. Read more at straitstimes.com.

NEW YORK - Wall Street took a nosedive on Friday on fears that the world's two largest economies could resume a trade war, dragging down a global stocks index on a day that many financial markets were closed for a holiday.

Trump offered no evidence after claiming on Thursday he had seen proof that the virus originated in a Chinese laboratory. The Dow Jones Industrial Average fell 622.03 points, or 2.55 per cent, to 23,723.69, the S&P 500 lost 81.72 points, or 2.81 per cent, to 2,830.71, and the Nasdaq Composite dropped 284.60 points, or 3.2 per cent, to 8,604.95.

The market looked ahead to next week's projection for USborrowing in the second quarter to finance enormous stimulus efforts aimed at combating the economic fallout of the coronavirus outbreak.

 

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