Dow industrials down more than 300 points at Thursday's opening bell

Dow industrials down more than 300 points at Thursday's opening bell

On Friday alone, the Dow Jones Industrial Average fell 572 points.

Trump, in a statement, said he proposed the additional tariffs "in light of China's unfair retaliation" against earlier USA actions that included $50 billion of tariffs on Chinese goods.

The S&P 500, which many index funds track, lost 53 points, or 2 percent, to 2,608. US 10-year Treasury yield was last down 2.75 basis points at 2.76 percent, while gold prices went up more than 1 percent. The Nasdaq composite slid 161.44 points, or 2.3 percent, to 6,915.11.

US stocks traded lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world's largest economies that could impede domestic economic expansion in roughly its ninth year.

Then came a directive from the White House, asking staff to find $100 billion worth of Chinese goods to hit with tariffs.

The US stock market dropped Friday as renewed fears of a trade conflict between the US and China mounted.

Craig Holke, investment strategy analyst for the Wells Fargo Investment Institute, said the market will continue to bounce around as investors worry about changes in trade that could slow down the global economy and company profits. Dow futures 1YMcv1 were down 1.7 percent.

Apple skidded $2.14, or 1.2 per cent, to $170.66 and Cisco Systems declined 63 cents, or 1.5 per cent, to $41.19.

In other energy trading, wholesale gasoline dipped 3 cents to $1.95 a gallon.

Trump said the market turmoil was short-term "pain", but insisted the outcome would leave the U.S. in a better position.

Facebook (FB.O), Amazon (AMZN.O), Alphabet (GOOGL.O) and Netflix (NFLX.O) - collectively known as the "FANG" group - were up between 1.2 percent and 2.6 percent. The economy saw the addition 103,000 nonfarm jobs as the unemployment rate held at 4.1%, its lowest since 2000.

The yield on the 10-year US Treasury note, which has been steadily climbing as investors' inflation expectations rise, dipped to 2.78 percent after the jobs report. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower. Natural gas rose 3 cents to $2.70 per 1,000 cubic feet.

METALS: Gold rose $7.60 to $1,336.10 an ounce. It fell 0.7 percent for the week.

OVERSEAS: Germany's DAX was down 0.5 per cent while France's CAC-40 fell 0.3 per cent lower. The Dow dropped 2.3 percent Friday and is down 0.7 percent for the week.

Japan's benchmark Nikkei 225 index dipped 0.4 percent while South Korea's Kospi slipped 0.3 percent but Hong Kong's Hang Seng rose 1.1 percent after trading resumed following a holiday as investors caught up with the previous day's global gains.

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