UPDATE: Dow briefly falls more than 700 points
- U.S. stock markets fell more than 2% on Monday after China announced retaliatory tariffs on U.S. goods, heightening fears of a full-blown trade war between the world’s two largest economies that could cripple global economic growth.
The selloff that began with stocks surfing at an all-time high on May 1 has now knocked almost 5 percent off the S&P 500 in less than two weeks. “The selloff is a reflection that trade talks are in worse shape than people were expecting,” said Willie Delwiche, investment strategist at Baird in Milwaukee.“Investors are trying to figure out how much of the rally that we had this year was perhaps celebrating prematurely hopes of a trade deal.”
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