Stocks Swoon Again; Dow Sinks 400

Wall Street has its worst week in two years.
(AP Photo/Bebeto Matthews, File)

NEW YORK (AP) – Stocks sank again, giving Wall Street its worst week in two years, as fear gripped investors that China and the U.S. were headed for a trade war.

The Dow Jones industrial average plunged more than 400 points, bringing its weekly decline to 1,400.

Technology companies and banks sustained some of the biggest losses.

Applied Materials lost 5.9 percent and Bank of America fell 4.5 percent.

Traders are worried that an escalating trade spat between Washington and Beijing will hurt U.S. businesses, especially those that do a lot of sales overseas.

The Dow lost 424 points, or 1.8 percent, to 23,533.

The S&P 500 fell 55 points, or 2.1 percent, to 2,588. The NASDAQ fell 174 points, or 2.4 percent, to 6,992.

Prices for Treasury bonds and gold rose.

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