MID-DAY: Wall Street woes continue as Dow slides further on trade war fears
Wall Street is continuing to slump as trade war fears gain strength globally. Investors are flocking to safer options like gold after China announced 50-billion dollars in trade tariffs against imported US products.
President Trump has taken to Twitter to try and downplay the possibility of a trade war, but analysts say it’s not helping. The Dow has dropped 235 points to 23,798 as shares in tech, auto and electronics are all plummeting.
Automaker shares, which were boosted yesterday from a better than expected report on vehicle sales in the US, have fallen once again between two and four per cent.
The industrial index on the Dow has fallen 1.4 per cent.
Oil is also sliding as the demand for energy drops, the price of crude is down to 62.88 a barrel.
Gold is up to 1,340 an ounce.
The Loonie is down to 77.94 cents US.