Dow Drops by 577 Points as Slower Job Growth, Trade War Fears Spook Investors

(From NBC News)

Even an improving labor market can’t shake Wall Street’s worry over the Trump administration’s tariff bluster. All three major indices saw sharp declines Friday, with the Dow Jones slumping by 767 points and entering correction territory — again — before closing down 576 points.

By the end of the day, the Dow and the S&P had suffered their worst day in two weeks; the Nasdaq and S&P were both down around 2.2 percent. All 30 companies that make up the Dow Jones index saw declines on Friday, with Caterpillar leading the losses — down 3.5 percent as the industrial sector bore the brunt of the trade war rhetoric.

Markets had seemingly brushed off the morning’s disappointing jobs numbers, but a lunchtime comment by Treasury Secretary Steven Mnuchin set a sell-off in motion after he told CNBC, “There is the potential of a trade war.”

“As long as uncertainty about trade persists, so too will the stomach-churning market volatility,” said Greg McBride, chief financial analyst at Bankrate.com.

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