Dow sinks 500 points upon open as US, China issue new tariffs

Stocks down 458 points Monday over Chinese trade concerns

It's too soon to call it the beginning of a trade war, but for now, investors aren't sticking around to find out. Starting Monday, China is increasing the tariff rate on eight imported USA products, including pork, by 25 percent.

Boeing and Caterpillar led the slide as a raft of major USA firms saw millions knocked off share values by the announcement of tariffs on $50 billion worth of the goods exchanged daily between the world's two largest economies.

The Dow Jones industrial average closed 389 points higher on Tuesday, rebounding from a 459-point loss on Monday.

European and Asian markets also fell sharply. Amazon got a double dose of bad news.

CURRENCIES: The dollar slipped to 106.49 yen from 106.62 yen in late trading Tuesday.

At one point, the Dow was down as much as 758 points on Monday as investors fretted about rising trade tensions, especially with China. "And that could be true for Mexico as well as for China".

MSCI's broadest index of Asia-Pacific shares outside Japan had spent most of its session dithering either side of flat before ending 0.3 perc ent lower. The S&P 500 fell 0.71 percent to 2,595.96 and the Nasdaq Composite dropped 0.81 percent at 6,885.06.

At 10:48 a.m. ET, the Dow was down 1.02 percent at 23,787.67. Boeing (BA) slid $6.14, or 1.9 percent, to $321.74, while industrial giant Caterpillar (CAT) fell 2.75 percent to $143.33.

Sensex, Nifty surge over 1% as US-China trade war concerns ease
At 10:33 AM, the BSE Sensex was trading at 33,382, up 467 points, while the Nifty50 index was trading at 10,282, up 153 points. The Dow rallied 1 percent, the tech-heavy Nasdaq Composite climbed 1.5 percent and the S&P 500 rose 1.2 percent.

A bigger dispute looms over Trump's approval of possible higher duties on Chinese goods.

The price of gold climbed 1.2 percent to $1,343.60 an ounce and silver jumped 2 percent to $16.60 an ounce as some investors took money out of stocks and looked for safer investments. Beijing responded to Trump's steel and aluminum tariffs on Monday by following through on its threat to impose tariffs on $3 billion of USA imports.

Gold, considered a safe-haven investment, is up 0.2 per cent. Trump repeatedly criticized the company lately over issues including taxes and Amazon's shipping deals with the U.S. Postal Service. "There isn't an agency that goes through Trump's tweets and acts on them", she said.

The Russell 2000 is down 17.27 points, or 1.1 percent.

Major tech names Apple and the FANG group - Facebook, Amazon, Netflix and Alphabet were down between 0.3 percent and 2.9 percent. The stock declined after the electric auto maker said Friday that the vehicle in a fatal crash last week in California was operating on Autopilot mode, making it the latest accident to involve a semi-autonomous vehicle. A barrel of US crude lost 18 cents to $63.33 in electronic trading on the New York Mercantile Exchange.

Copper rose 2 cent to $3.05 a pound. The euro rose to $1.2283 from $1.2272.

Ford, General Motors and Fiat Chrysler fell between 0.2 percent and 0.8 percent as investors weighed the competing impacts on their global operations and production.


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