More than $2 trillion in value wiped out from US stocks
The Associated Press
U.S. companies had trillions of dollars in value wiped out Thursday after President Donald Trump slapped sweeping tariffs on foreign imports.
Virtually every sector suffered big losses as U.S. financial markets closed with their biggest one-day drop since COVID-19 flattened the global economy five years ago.
Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.
With a drop of 4.8% in the S&P 500, more than $2 trillion in value vanished, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices.