Dow Drops More Than 1,100 Points, On Pace For Worst Week Of The Year
Stocks dropped on Thursday for the third consecutive day as further economic data is released, inciting Wall Street’s fear over the global economy, according to NBC News.
While the Dow Jones Industrial Average decreased to trade 331 points lower--about 1.3 percent--the S&P 500 and the Nasdaq Composite fell 1.1 percent.
Wall Street’s start to the fourth quarter remains dismal as Thursday’s losses brought the Dow’s three-day decline to more than 1,100 points.
Meanwhile, the Institute for Supply Management reported that the U.S. services sector fell last month to its lowest level since August 2016. As of earlier this week, ISM posted its weakest reading on the manufacturing sector in more than 10 years.
The manufacturing sector has felt the stinging repercussions of the U.S.-China trade war, which has placed tariffs on billions of dollars worth of products. Officials plan to meet next week with the hope of finding middle ground.
Amidst the signs of a waning economic recession, the White House announced a 10 percent tariff on European-made Airbus planes and 25 percent duties on French wine, Scotch, and Irish whiskies, along with European cheese.
The World Trade Organization ruled in favor of the tariffs on Wednesday, but the EU suggested retaliation against U.S. tariffs.