Trump's tariffs spur stock meltdown
The Dow Jones Industrial Average fell more than 1,679 points Thursday, closing with a loss of 4 percent. The S&P 500 index plunged 4.8 percent, and the Nasdaq composite sunk 6 percent on the day.
The Dow and S&P each suffered their worst day of losses since June 2020, while the Nasdaq took its heaviest single-day hit since March 2020.
While the scale of the day's losses is partly due to the stock market's rapid growth since 2020, Thursday marked a new low for Wall Street after months of growing concern about Trump's trade agenda.
'The Trump administration may be playing a game of chicken with trading partners, but market participants aren't willing to wait around for the results. Instead, investors are selling first and asking questions later,' Michael Arone, chief investment strategist at State Street Global Advisors, said in a Thursday analysis.
Speaking to reporters Thursday before flying to his Miami resort, Trump compared the new import taxes to recovery from surgery.
'It was an operation, like when a patient gets operated on, and it's a big thing. I said this would exactly be the way it is. We have $6 [trillion] or $7 trillion coming into our country,' Trump said.
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