Published: Sat, April 07, 2018
Markets | By Noel Gibbs

Wall St slides as US-China trade spat intensifies

Wall St slides as US-China trade spat intensifies

The president's top economic adviser said the US and China are holding "back-channel discussions" to resolve an escalating trade dispute that has unsettled global financial markets.

Trump on Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike".

The S&P 500 Index tumbled through its average price for the past 200 days, with all 11 sectors lower after China said it would levy 25 per cent tariffs on imports of 106 US products including soybeans, automobiles, chemicals and aircraft. The Dow Jones Industrial Average closed up 1%, or about 240 points, at 24,500, buoyed by gains in the shares of Boeing Co.

The Dow Jones industrial average fell 572.46 points to 23,932.76, closing back in correction.

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On Wednesday, the S&P/TSX composite index was down 87.86 points to 15,092.90, after 90 minutes of trading.

If current gains for S&P 500 hold, it would be the best three-day run since Trump's election victory in November 2016. It dropped 2.2 percent a day earlier. All 30 Dow components were in negative territory, as were all 11 S&P 500 industry sectors.

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, swung dramatically this week, with nearly 1,300 points separating its lowest point Monday afternoon from its high late Thursday. "Growth remains robust, unless we go into a bigger trade war".

Earlier in the week, technology stocks were rocked by worries that some of the nation's most dynamic companies - including Amazon, Apple, Alphabet, Facebook and Microsoft - are facing political, regulatory and market challenges that could put the brakes on growth in the sector.

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Stocks in the USA are rising Thursday and major indexes in Europe are surging as global markets continue a rally that began late the previous day.

The yield on the 10-year Treasury fell to 2.78 percent.

The first reason the stock market is down today is because of the March 2018 jobs report. Employers added 103,000 jobs last month, the weakest showing in months, and January and February's numbers were also revised lower.

OVERSEAS: The German DAX jumped 2.9 percent and the CAC 40 in France rose 2.6 percent.

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Comml Bank Of Stockton holds 0.24% or 6,431 shares. 34,372 are held by Cubist Systematic Strategies Ltd Limited Liability Company. It improved, as 69 investors sold AMZN shares while 578 reduced holdings. 168 funds amassed holdings and 667 increased holdings.


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