Markets Right Now: Stock losses accelerate on Wall Street
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Losses on the stock market are accelerating in midday trading as new signs of economic weakness and looming trade frictions spook already nervous investors.
The Dow Jones Industrial Average sank 525 points Wednesday, or 2%, to 26,044.
Investors seeking shelter piled money into government bonds, sending yields lower. The price of gold also rose.
A weak report on private sector hiring in the U.S. last month gave investors more reason to worry that President Donald Trump’s trade wars are taking their toll on the economy.
A ruling by a world trade body allowing the U.S. to impose tariffs on European goods as retaliation for illegal subsidies to Airbus also raised fears that global trade tensions could get worse.
The S&P 500 lost 1.8% and the Nasdaq fell 1.6%.
Stocks are opening lower on Wall Street, following declines overseas, as investors become more worried about the economic outlook.
Technology companies and banks led the way lower in the first few minutes of trading Wednesday. Microsoft gave up 1% and JPMorgan Chase lost 1.3%.
Johnson & Johnson rose 2.5% after the health care giant announced that it had it had reached an agreement worth more than $20 million with two Ohio counties over the opioids crisis.
The S&P 500 fell 24 points, or 0.9%, to 2,914.
The Dow Jones Industrial Average lost 237 points, or 0.9%, to 26,327. The Nasdaq fell 79 points, or 1%, to 7,829.
Bond prices rose. The yield on the 10-year Treasury fell to 1.62%.