Trader Fred DeMarco works on the floor of the New York Stock Exchange, Friday, Aug. 23, 2019. Stocks tumbled on Wall Street after President Donald Trump said he "hereby ordered" U.S. companies to consider alternatives to doing business in China. (AP Photo/Richard Drew)
NEW YORK (AP) — Markets are closing sharply lower after the latest escalation of the U.S.-China trade dispute.
President Donald Trump said U.S. companies are “hereby ordered” to find an alternative to doing business with China after Beijing announced tariffs on $75 billion of U.S. goods.
The Dow Jones industrials sank 623 points, or 2.4%.
Bond prices soared, sending yields lower. The yield on the 10 year Treasury fell to 1.52%.
Technology companies, which have much to lose in the trade battle, fell the most. Apple dropped 4.6%.
Trump also said he was “ordering” UPS, Federal Express and Amazon to block deliveries from China of the opioid fentanyl. FedEx and UPS sank.
The S&P 500 fell 75 points, or 2.6%, to 2,847. The Nasdaq dropped 239 points, or 3%, to 7,751.
Bond prices rose. The yield on the 10-year Treasury fell to 1.60% from 1.61%.