Dow down 11% after record high in January

Amazon was down more than 5 percent after a Twitter attack by President Trump.
2:19 | 04/02/18

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Transcript for Dow down 11% after record high in January
Next, from the white house. The president doubling down on his attacks on Amazon, and it comes at China is imposing new tariffs on billions of dollars worth of U.S. Farm products like pork, apples and wine, fueling fears of a growing trade war. The stock market then taking a nose dive. Take a look. Losing 458 points, nearly 2%. ABC's chief business and economics correspondent Rebecca Jarvis is outside the New York stock exchange. Reporter: Tonight, stocks slammed. Since hitting a record high in January, the Dow now down 11%. Meaning, in the last two months, the typical $100,000 401(k) Has wiped out approximately $10,000 in value. Behind today's drop? The tech tide turning. Amazon just today down more than 5% on the heels of a new Twitter attack. The president writing, "Only fools, or worse, are saying that our money-losing post office makes money with Amazon. They lose a fortune, and this will be changed." On it's own website, the U.S. Postal service says that by law, it cannot lose money on deliveries, including Amazon packages. Facebook down again in 2 wake of that privacy scandal. Adding to the selloff, fears of a trade war. China announcing new tariffs on $3 billion in U.S. Goods, hitting 128 products including pork, steel pipes and apples. Retaliation for the trump administration's tariffs on Chinese steel and aluminum. The American steel/aluminum industry has been ravaged by aggressive foreign trade practices. It's really an assault on our country. All right, Rebecca joins us now from outside the New York stock exchange. Let's go back to Amazon, Rebecca. As you reported, the president taking on Amazon over its deal with the post office, saying, quote, this will be changed. What could he mean? Reporter: Well, Tom, ultimately, the postal service could charge Amazon more to deliver those packages, but keep in mind, package delivery is one of the few growing businesses for the postal service, and analysts have looked at this and believe that charging Amazon more could ultimately lead this major retailer to pursue alternative methods for its delivery service. Tom? Rebecca, thank you. Also at the white house

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