Global markets dropped on Tuesday June 19th following worries that the United States and China may be turning toward an all-out trade war.
The Dow Jones industrial average closed down 287 points, or 1.15 percent, to 24,700 on worries that the tit-for-tat tariff threats between the two countries could expand into an economic brawl. The Dow had regained ground after plunging 419 points in morning trading.
With the sell-off, the Dow has wiped out all its gains for the year. Tuesday’s close marked the sixth straight daily loss for the blue-chip composite of 30 stocks — its longest sustained slide in 15 months.
The Standard & Poor’s 500-stock index declined 11 points, or 0.4 percent, to 2,762. The tech-heavy Nasdaq Composite fell 0.28 percent, to 7,725, as reported by Washington Post.
As the markets sank, the White House made available one of the president’s chief trade advisers to explain the latest moves and to push back against critics.
“Our view is that these actions are necessary to defend this country and that they are ultimately bullish for corporate America, for the working men and women of America and for the global trading system,” said Peter Navarro, who heads the White House office of trade and manufacturing policy.