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Escalating Trade War Sinks Stock Indexes

Escalating Trade War Sinks Stock Indexes

Updated: May 13, 2019 04:32 PM

NEW YORK (AP) - Stocks closed sharply lower after an escalating trade war between the U.S. and China rattled investors.

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Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market Monday.

Apple gave up almost 6%. Industrial stocks including Deere and Boeing also fell sharply.

Utilities, a haven for fearful investors, were among the few stocks that rose. Prices for other safe-play assets like bonds and gold also rose.

The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324.

The S&P 500 fell 69 points, or 2.4%, to 2,811.

The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year.

Copyright 2019 The Associated Press. All rights reserved.

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