Dow drops 1,600 as Trump's tariffs shock Wall Street
Mike Pistillo Jr., center, works with other traders on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig)
NEW YORK (AP) — Wall Street shuddered, and a level of shock unseen since COVID's outbreak tore through financial markets worldwide Thursday on worries about the damage President Donald Trump's newest set of tariffs could do to economies across continents, including his own.
The S&P 500 sank 4.8%, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020. The Dow Jones Industrial Average dropped 1,679 points, or 4%, and the Nasdaq composite tumbled 6%.
Little was spared in financial markets as fear flared about the potentially toxic mix of weakening economic growth and higher inflation that tariffs can create.
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