Stock market rout deepens as Dow plunges more than 2,200 points and Nasdaq enters bear market
Stock market rout deepens as Dow plunges more than 2,200 points and Nasdaq enters bear market
Stock market rout deepens as Dow plunges more than 2,200 points and Nasdaq enters bear market
Summary
U.S. stocks suffered a historic collapse as Trump’s sweeping tariffs triggered panic over inflation and recession. The Dow fell 2,231 points, the S&P 500 dropped 6%, and the Nasdaq entered a bear market.
Fed Chair Jerome Powell warned the 10% import tariffs and retaliatory moves from China, including a 34% tariff on U.S. goods, will hurt growth and raise prices.
Economists cut U.S. growth forecasts below 1%, projecting households could face $1,900 in added costs.
The sell-off erased $2.7 trillion in value and marked the worst two-day market drop since March 2020.