Wall Street and the dollar tumble as investors retreat further from the United States
By STAN CHOE, AP Business Writer
NEW YORK (AP) — U.S. stocks are tumbling Monday as worries about President Donald Trump’s trade war and his criticism of the Federal Reserve cause investors to pull further from the United States.
The S&P 500 was 3.1% lower in another wipeout, and the index at the center of many 401(k) accounts is more than 16% below its record set two months ago.
The Dow Jones Industrial Average was down 1,138 points, or 2.9%, as of 1:21 p.m. Eastern time. Tesla and other Big Tech stocks had some of the sharpest losses, which dragged the Nasdaq composite down a market-leading 3.4%.
Perhaps more worryingly, the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It’s an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it’s policies directly from Washington that are causing the fear and potentially weakening the dollar’s reputation as a pillar of the global economy.