Wall Street stocks dropped sharply on Friday as investor risk appetite was soured by the revived specter of tariffs against China, threatened anew by U.S. President Donald Trump in retaliation for the COVID-19 pandemic which has brought global economies to a grinding halt.
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
May is often marked by sell-offs, and on the month’s first day, with jitters on the rise as some U.S. states begin easing shutdown mandates, the adage holds true. This comes on the heels of April’s remarkable run, which saw the S&P 500 and the Dow posting their strongest monthly gains in 33 years. “The last thing you want is retaliation when the world economy looks like it’s headed into depression,” Cardillo added. “The coronavirus has put everything out of whack, but the economy was already weakening due to the trade war, and while Trump is not responsible for the coronavirus, he’s responsible for the trade war.”
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