US stocks were battered by a sell-off Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war.
The Dow plunged by 1,950 points Friday afternoon, or 4.82%, pulling back slightly after being down more than 2,000 points. The broader S&P 500 was 5.4% lower. The tech-heavy Nasdaq Composite was 5.36% lower and on track to close in a bear market — down more than 20% from its record high in December.
It isn’t just our retirement plans, it’s also our jobs that are tied to the market. When stock prices drop, then companies start tightening their belts, which usually involves layoffs.