U.S. stocks took another major hit on Friday, with the Dow Jones Industrial Average plunging more than 2,200 points to close at 38,314 — marking the first time the index has fallen below 40,000 since August 2024.
The Dow's 5% decline was mirrored by the S&P 500 and Nasdaq Composite, which fell 322 points and 962 points, respectively.
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The sharp sell-off came two days after President Donald Trump announced sweeping global tariffs on most imports entering the U.S., aimed at revitalizing domestic manufacturing. In response, China unveiled retaliatory measures on Friday, saying it would impose a 34% tariff on all U.S. imports starting April 10.
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This was the second day in a row that the U.S. stock markets had been in freefall. The Dow Jones Industrial Average plunged by 3.98% at market close Thursday, while the S&P 500 and Nasdaq Composite indexes each saw losses of 4.84% and 5.97%, respectively. The U.S. dollar also weakened to its lowest level so far this year.
Numerous sectors have experienced significant sell-offs, including tech companies like NVIDIA, Apple and Microsoft.
The drops came on the same day the Labor Department released a relatively positive March jobs report, which showed the U.S. gained 228,000 jobs during the month, beating expectations.
