NEW YORK: Wall Street stocks tumbled on Tuesday as new tariffs in the US-China trade war took effect, while US data pointed to weakness in the manufacturing sector.
The broad-based S&P 500 shed 20.19 points , closing at 2,906.27, while the tech-rich Nasdaq Composite Index fell 88.72 points to 7,874.16. Stovall also pointed to hawkish commentary from US President Donald Trump against Beijing. On Twitter, the US president vowed China would face a"much tougher" deal if Trump is re-elected in November 2020.Investors"hoped there might be a postponement to allow the talks to go on," Stovall said."But instead we heard an even greater threat towards China. That just caused investors to think, 'Oh boy, here we go again.
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