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Monday
Apr022018

Markets down: Drop more than 458 points after news of China tariffs, trade war

iStock/Thinkstock(NEW YORK) -- The stock market took a tumble Monday, with the Dow Jones dropping more than 700 points.

The tech-heavy NASDAQ and the larger stock index, the S&P 500, are both also down more than 3 percent.

Individual technology companies also appear to be hurting.

Amazon, which has been under fire from Trump in recent days, was down more than 4 percent and Facebook, which is under scrutiny amid revelations about privacy practices, was down more than 3 percent.

Beyond trouble in technology stocks, worries about newly announced Chinese import tariffs and a brewing trade war stemming from the tariffs that President Donald Trump announced in March were believed to have played a role Monday’s drop.

It was announced Monday morning that China raised import tariffs on U.S.-produced pork and fruit, as well as other products.

The Dow closed on Monday down 458.9 points, which equates to a decrease of 1.9 percent.

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