A Horror Week for the Dow Has Investors Begging for Trump Respite

How major US stock indexes fared Friday

US stock markets ended their worst week in more than two years on Friday after China threatened to respond in kind to President Trump's imposition of $60 billion in tariffs on Chinese imports.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed down more than 2 per cent, the third time this year the trio has done so simultaneously.

Banks also took steep losses as interest rates decreased.

Following his surprise victory in November 2016, investors make a beeline for the market in what became known as the "Trumpflation" trade - a bet that the former real estate mogul's administration would deliver a boost to the USA economy through increased fiscal spending, deregulation and tax cuts.

The S&P 500 index tumbled 55.43 points, or 2.1 percent, to 2,588.26. The Nasdaq Composite was down 174.01 points, or 2.43%, at 6,992.67.

Investors fleeing to the safety of gold, which was trading at its highest in over a month, also boosted material stocks, with Barrick Gold up 2.6 per cent.

Construction equipment maker Caterpillar lost 5.7 percent of its value - its worst loss since mid-2016. S&P 500 futures have dropped 0.7%, while Dow Jones Industrial Average futures have slumped 177 points, or 0.7%.

Banks Rejoice as Fed Hikes Rate, Raises Economic Outlook
Policymakers were largely split on Wednesday as to whether a total of three or four rate hikes would be needed this year. This year's estimated U.S. economic growth was revised up to 2.7 per cent from an earlier forecast of 2.5 per cent.

Brother of Parkland shooting suspect trespassed at school 'to soak it in'
Despite the warnings and recommendations regarding Cruz's state of mental health, there's no evidence that he was ever committed. Zachary Cruz has been living with a family friend, Rocxanne Deschamps, in Lantana since the death of his mother in November.

Tuesday is Free Ice Cream Cone day at Dairy Queen
Dairy Queen said it raised $300,000 for the charity on the same day previous year . Free cones will be available during regular business hours all day long.

US stocks suffered heavy losses Thursday amid a day of sharp volatility after President Donald Trump unveiled his tariffs on China, at the same time he is dealing with the departure of his chief legal eagle John Dowd. (Nasdaq: FB) dipped more than 3% on the day, too. It was the worst day for U.S stocks since February 8, when the Dow lost 1,033 points amid a massive sell-off.

Many big US companies have built complicated supply chains that stretch across the Pacific Ocean. Australia's S&P/ASX 200 skidded 1.9 percent to 5,824.50.

The social media giant came under heavy fire from lawmakers in the United States and Britain over the weekend after news reports raised questions about whether it allowed third-party developers to access the data of users without their permission - a potential violation of its privacy agreement with the USA government.

China said hours later that it "is not afraid of and will not recoil from a trade war".

The F in the vaunted FAANG stocks - Facebook, Apple, Amazon.com, Netflix, Google - dropped 2.7 percent Thursday, and its losses are bleeding across the technology sector. The index ended the year up almost 20 percent, its best annual performance since 2012. Tech stocks remain under pressure as Facebook reels from a user data crisis.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., March 22, 2018. Powell indicated that the Fed would raise interest rates at least two more times this year. Brent crude, used to price global oils, fell 56 cents, or 0.8 percent, to $68.91 a barrel in London.

OVERSEAS REACTION: Germany's DAX lost 1.9 percent and the CAC 40 in France shed 1.7 percent. Heating oil added 3 cents to $2.02 a gallon. The dollar fell to 104.82 yen from 105.61 yen. Silver fell 3 cents to $16.39 an ounce. Core capital goods rose 1.8%, up from a 0.4% decline in January, and vs. estimates for a 0.7% gain.

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