Dow Jones Industrial Drops Below 24,000, U.S. Stocks Suffer After Tariffs Imposed On China

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ABOVE VIDEO: Mayflower Advisors’ Larry Glazer, Charles Schwab Investment strategist Liz Ann Sonders and Deke Digital Chairman Dave Maney on the Trump administration’s effect on the markets.

(FOX BUSINESS) – U.S. stocks suffered heavy losses Thursday amid a day of sharp volatility after President Donald Trump unveiled his tariffs on China, at the same time he is dealing with the departure of his chief legal eagle John Dowd.

The Dow Jones Industrial Average lost 724.42 points, or 2.93%, slipping to 23,957.89. The S&P 500 dropped 68.24 points, or 2.52%, to 2,643.69. The Nasdaq Composite fell 178.61 points, or 2.43%, to 7,166.68.

With Thursday’s declines, the Dow has retreated 9.99% from its recent high, just shy of the 10% mark that signifies correction territory. Financials led the market lower, falling 3.7% on the day.

Industrials and materials were also among the worst-performing sectors in the S&P.

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