NEW YORK – (WBAP/KLIF) – Wall Street saw the Dow Jones Industrial Average slip 349.26 points Monday, or a loss of .91%, closing at 37,965.60. The average had fallen as much as 1700 points in early Monday trade; swinging 2, 595 points in a record reversal. The S&P 500 shed 0.23% to end at 5,062.25. The broad market average was down 4.7% at the lows of the session. The Nasdaq Composite closed ahead .10% to settle at 15,603.26.
Wall Street did see a short-lived reversal of the losses taking the Dow into positive territory on talk of a possible tariff pause, which the White House quickly tamped down, with major averages then retreating again.
The S and P 500 index has lost more than 10% in the last three sessions; it’s worst stretch since Covid back in 2020.
President Trump threatened China today with another 50% in tariffs if it did not recall it’s new 34% tariffs on incoming American products. With different percentages announced in the form of import tariffs on Chinese products announced at different times, the tariff potential on Chinese goods now sits at a possible 104%.
Bill Ackman, billionaire head of Pershing Square, writes on X: “The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”.
The White House says at least 50 countries have reached out to begin negotiations.
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