Oct. 29 (UPI) — Stocks took a tumble Monday with the Dow Jones Industrial Average experiencing a dramatic swing to close down nearly 250 points amid concerns of another wave of Chines tariffs.
The Dow closed down 245 points, or 0.99 percent the S&P 500 was down 0.7 percent and the Nasdaq fell 1.6 percent after Bloomberg reported the United States is preparing to announce new tariffs on all remaining Chinese imports by December if talks between U.S. President Donald Trump and Chinese President Xi Jinping next month don’t resolve the ongoing trade war.
News of the possible tariffs sent Boeing stock tumbling 6.6 percent, contributing to the Dow’s overall losses.
The Dow was up more than 350 points earlier in the day before swinging more than 900 points and closing 9 percent below its all time high.
The report sent a market that was rising after promising tech news back down, causing the Dow and S&P 500 to give up their gains for the year.
IBM saw its stock increase early Monday after news of its acquisition of cloud computing software company Red Hat for $34 billion, but it ultimately closed down 4 percent. Facebook stock was also down 2 percent, Amazon fell 6 percent, Netflix dropped 5 percent and Google‘s parent company Alphabet fell 4.5 percent.
Concerns over corporate earnings growth and the global economy have sent stocks on a downward trend throughout the month.
The Dow is down 7.7 percent the S&P 500 has fallen 9.4 percent and the Nasdaq has lost 12 percent for October.
