NASDAQ Set to Close in Bear Market
April 04,2025 12:25 pm EST
The stock market took another pounding Friday after China retaliated with new tariffs on U.S. goods, sparking fears President Donald Trump has ignited a global trade war that will lead to a recession.
The Dow Jones Industrials faded 1,462.20 points, or 3.5%, to reach noon EDT at 39,083.73
The S&P 500 index dropped 231.88 points, or 4.3%, to 5,164.64.
The NASDAQ let go of 743.84 points, or 4.5%, to 15,806.77.
China's commerce ministry said Friday the country will impose a 34% levy on all U.S. products. This matches the tariff on Chinese goods coming into the U.S. unveiled by President Donald Trump on Wednesday.
Outside of tech, Boeing and Caterpillar — big exporters to China — led the Dow lower.
The closely watched jobs report for March gave investors a mixed picture of the U.S. economy. Nonfarm payrolls expanded by 228,000 last month, while economists polled by Dow Jones forecast an increase of 140,000.
The unemployment rate inched up to 4.2%, however. Trump touted the report on Friday in a Truth Social post as an example that his tariff policy is already yielding his desired results.
Prices for the 10-year Treasury rose sharply, lowering yields to 3.94% from Thursday's 4.06%. Treasury prices and yields move in opposite directions.
Oil prices lost $5.14 to $61.81 U.S. a barrel.
Prices for gold paled $81,10 to $3,040.60 U.S.
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