Stocks took a nosedive and bond prices spiked Thursday after President Donald Trump said the U.S. would raise tariffs on more Chinese goods, increasing the stakes in an ongoing trade battle.
The news erased a broad rally on Wall Street, leading to the market's fourth straight loss. Banks, industrials and energy companies were among the hardest-hit sectors. The price of U.S. crude oil skidded nearly 8%, its biggest drop in more than four years.
The S&P 500 index dropped 26.82 points, or 0.9%, to 2,953.56.
The Dow Jones Industrial Average fell 280.85 points, or 1%, to 26,583.42.
The Nasdaq composite lost 64.30 points, or 0.8%, or 8,111.12.
The Russell 2000 index of smaller companies slid 23.84 points, or 1.5%, to 1,550.76.
For the week:
The S&P 500 is down 72.30 points, or 2.4%.
The Dow is down 609.03 points, or 2.2%.
The Nasdaq is down 219.09 points, or 2.6%.
The Russell 2000 is down 28.20 points, or 1.8%.
For the year:
The S&P 500 is up 446.71 points, or 17.8%.
The Dow is up 3,255.96 points, or 14%.
The Nasdaq is up 1,475.84 points, or 22.2%.
The Russell 2000 is up 202.21 points, or 15%.