Stocks sell off, US dollar weakens as Trump tariffs fuel economic worries
Story by Caroline Valetkevitch and Marc Jones
NEW YORK/LONDON (Reuters) – Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.
This is just another chapter of the market in a bottoming process,” said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts.
Investors are adjusting their outlook partly based on the potential impact of tariffs on corporate earnings, he said, adding, “What we have already seen and are going to continue to see are drastic reductions in earnings estimates. That’s going to play out and drag on for some time.”
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