U.S. markets were slammed with heavy losses on Thursday following President Donald Trump’s plans to propose trade duties on China imports. Worry over a $50 billion tariff on China high-tech exports along with other penalties to protect intellectual capital caused volatility to spike near its highest levels for the month.
The Dow dropped 2.9% after trading to a low of 23,938 and closing back below the 24,000 level for the first time since February 8th. The index is down 9.99% from its all-time high. The S&P 500 sank 2.5% following the back test to 2,641 while giving up its gains for 2018.
The Nasdaq was punished for 2.4% after trading to a low of 7,164 to close back below its 50-day moving average. The Russell 2000 tanked 2.2% after testing a low of 1,562 to close back below its 50-day moving average, as well.