What was a massive rally on Wall Street turned into yet another sizeable decline.
Cheap stocks and hope for signs of trade negotiation sent markets surging Tuesday morning — but that relief rally evaporated as the White House said it would levy enormous tariffs on China.
US stocks tumbled solidly into the red in the afternoon. The Dow fell 320 points, or 0.84%. The broader S&P 500 fell 1.57%. The tech-heavy Nasdaq Composite slid 2.15%. The S&P 500 closed at its lowest level in almost a year. The Dow and Nasdaq both closed at their lowest level since January 2024.
Markets fell because President Donald Trump is set to impose an additional 84% in levies across all Chinese imports on Wednesday, White House Press Secretary Karoline Leavitt announced Tuesday. That will mean all goods from the country are subject to a tariff of at least 104%.
The S&P 500 and Nasdaq, which had surged as much as 4% and 4.5%, respectively, Tuesday morning, tumbled midday as Leavitt spoke to reporters. The loss for the Dow comes after the blue-chip index surged as much as 3.85% on Tuesday morning
Cheap stocks and hope for signs of trade negotiation sent markets surging Tuesday morning — but that relief rally evaporated as the White House said it would levy enormous tariffs on China.
US stocks tumbled solidly into the red in the afternoon. The Dow fell 320 points, or 0.84%. The broader S&P 500 fell 1.57%. The tech-heavy Nasdaq Composite slid 2.15%. The S&P 500 closed at its lowest level in almost a year. The Dow and Nasdaq both closed at their lowest level since January 2024.
Markets fell because President Donald Trump is set to impose an additional 84% in levies across all Chinese imports on Wednesday, White House Press Secretary Karoline Leavitt announced Tuesday. That will mean all goods from the country are subject to a tariff of at least 104%.
The S&P 500 and Nasdaq, which had surged as much as 4% and 4.5%, respectively, Tuesday morning, tumbled midday as Leavitt spoke to reporters. The loss for the Dow comes after the blue-chip index surged as much as 3.85% on Tuesday morning
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