Dow dives more than 500 points on trade tensions

Dow dives more than 500 points on trade tensions

Dow dives more than 500 points on trade tensions

The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Thursday was Diamond Offshore Drilling, Inc.

Thursday was another positive day for the broad USA markets.

On Wednesday, the S&P/TSX composite index was down 87.86 points to 15,092.90, after 90 minutes of trading. Boeing rose $7.46, or 2.3 percent, to $334.90 after a 1-percent drop. Technology companies and banks are taking some of the worst losses.

Apple skidded $3.46, or 2 percent, to $169.34 and Cisco Systems declined 98 cents, or 2.4 percent, to $40.84.

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Grain merchant Archer Daniels was down 2.8 percent, while Bunge slipped 2.5 percent. About 268 of the S&P 500 components were lower. Amazon advanced $39.86, or 2.8 percent, to $1,450.43 and Netflix added $6.90, or 2.4 percent, to $295.84.

Economic data on Thursday showed the US trade deficit increased to a near 9-1/2-year high in February, but the shortfall with China narrowed sharply. PayPal dipped $2.63, or 3.4 percent, to $74.32.

The market has been on a bumpy ride this week as traders try to get a sense of whether a trade dispute between the two nations will escalate. However, a proposal by President Donald Trump to impose stiffer tariffs on Beijing has introduced fresh volatility in to the market.

Companies in the S&P 500 are projected to boost first quarter earnings by 17% from the year-earlier period. The index is now down for the week.

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The Dow Jones Industrial Average today is down more than 600 points (-1.76%), ending a volatile week of price swings. The yield on the 10-year Treasury note rose to 2.83 percent from 2.81 percent.

Industrial companies were especially hard hit by the escalation in trade tensions Friday. The price of gold fell 0.8 percent to $1,329.10 an ounce. Friday's jobs report failed to settle markets, as payrolls missed estimates and unemployment ticked up slightly in March, interrupting the market's rally from lows seen early in the week.

The S&P 500 fell 11 points, or 0.4 percent, to 2,651. The FTSE 100 in Britain lost 0.2 percent.

The May crude contract was down 61 cents to $62.90 per barrel and the May natural gas contract was up four cents to $2.73 per mmBTU.

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