US markets closed lower as trade fears spark

23 Mar 2018 Evaluate

The US markets fell sharply on Thursday, with major indexes suffering their worst day in weeks as the treat of a trade war with China sparked a widespread selloff. Losses accelerated throughout afternoon trading, pushing the S&P 500 into negative territory for the year in a decline that showed signs of panic. Also weighing on sentiment was the latest policy statement by the Federal Reserve a day earlier, which raised questions about interest-rate policy; ongoing weakness at Facebook, which led the technology sector lower; and the resignation of President Donald Trump’s lead attorney, which added another element of political uncertainty for investors. The Trump administration instructed the office of the US Trade Representative to draw up a list of tariffs on Chinese products totaling up to $60 billion. The tariffs are expected to target sensitive technologies that the US considers vital to the US economy in the years ahead, and the announcement follows a similar one focused on steel and aluminum. Investors are concerns that protectionist trade policies could be met with retaliatory measures by major trading partners, and that a trade war could contribute to inflation in the economy.

On the economy front, initial US jobless claims rose by 3,000 to 229,000 in mid-March, but they remain near the lowest levels since 1970. And the number of people collecting benefits fell to a fresh 45-year low. The more stable monthly average of claims increased by 2,250 and stood at 223,750. The number of people already collecting unemployment benefits, known as continuing claims, fell by 57,000 to 1.83 million. That’s the lowest level since December 1973. However, , the Conference Board said its leading economic index rose 0.6% in February, following a 0.8% gain in January and a 0.7% rise in December. The index rose for the fifth straight month, and eight of the 10 indicators that make up the leading index advanced. The biggest help came from average weekly manufacturing hours. Building permits and stock prices were the only drags. In the six months ending February, the leading index has climbed 4%, faster than the 2.4% growth during the prior six months.

The Dow Jones Industrial Average lost 724.42 points or 2.93 percent to 23,957.89, the Nasdaq dropped 178.608 points or 2.43 percent to 7,166.68, while the S&P 500 was down by 68.24 points or 2.52 percent to 2,643.69.

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