Dow finishes day down more than 400 points

Anna Jefferson
April 5, 2018

Eastern time. The Dow Jones industrial average lost 623 points, or 2.6 percent, to 23,480. This quarter was characterized by bad news, according to investors. It's also imposing a new 15 percent tariff on 120 imported US commodities, including fruits.

Investor nerves were eased mid-day after Larry Kudlow, Trump's top economic advisor, told Fox Business that the brewing trade war with China will end in a "pot of gold." "And that could be true for Mexico as well as for China".

The S&P 500 fell 58 points, or 2.2 percent, to 2,581, slightly above its low for the year reached February 8. Eastern time. The benchmark index is on track for its lowest close since late October.

The S&P 500 added nearly 11 at 2,592 and the tech heavy Nasdaq added 33 points at 6,903. Companies in the S&P 500 are forecast to grow earnings at a almost 19% clip, up from estimates of 12.2% on January 1, according to earnings tracker Thomson Reuters.

Shares of Amazon, Microsoft, Facebook and Google parent Alphabet dominated trading on MSCI's all-country world stock index, which fell 0.91 percent.

A bigger dispute looms over Trump's approval of possible higher duties on Chinese goods.

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"The US markets will likely serve as a focal point as investors stateside and elsewhere consider what tact the administration will take toward trade in the weeks ahead and what effects it could have on the US economy and the economies of its trading partners", John Stoltzfus, the chief investment strategist of Oppenheimer & Co., wrote in a note to clients Monday. CBS shares were up 2.8 percent. Starting Monday, China is increasing the tariff rate on eight imported US products, including pork, by 25 percent. The euro rose to $1.2283 from $1.2272.

Lennar (LEN.N) jumped 9.3 percent to lead the percentage gainers on the S&P after the homebuilder reported quarterly revenue that beat estimates as it sold more homes at higher prices.

State Street rose 1.2 percent Tuesday.

Warne, of Edward Jones, said investors are being cautious for now, but it's not clear if anything will come of Trump's badmouthing the company.

Trump said in a tweet Wednesday morning that "we are not in a trade war with China". Amazon, one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than $37 billion of its market value. Tyson Foods slumped $4.42, or 6 percent, to $68.77.

Health insurer Humana Inc's shares closed up 4.4 percent on news it was in talks with Walmart to expand their partnership or possibly be acquired by the retailer.

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Walmart fell 3.8 percent.

Tesla dropped 5.3 percent after saying the vehicle in a fatal crash last week in California was operating on Autopilot mode. U.S. oil futures fell less than 1% to about $63 per barrel.

Bond prices finished little changed. Coca-Cola climbed 1.8 percent and Johnson & Johnson added 2 percent.

CURRENCIES: The dollar declined to 105.99 yen from 106.50 yen. The euro edged up to $1.2308 from $1.2306.

The technology sector.SPLRCT turned positive and was last up 0.6 percent, helped by Apple (AAPL.O) which turned positive and was last up 1.5 percent.

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