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Stock market craters

1 6
05.04.2025
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Business & Economy


Business & Economy

 

The Big Story

Dow plunges 2,231 points as Trump tariffs cause frenzy

The stock market cratered Friday as concerns about the economic impact of President Trump’s new tariffs shook Wall Street for yet another day.

© AP

The Dow Jones Industrial Average closed with a loss of 2,231 points Friday, plunging 5.5 percent on the day. The S&P 500 index plummeted by 6 percent, and the Nasdaq composite sank 5.8 percent on the day.

Friday marked the second day of serious losses for the stock market since Trump's Wednesday afternoon announcement of up to $600 billion in new import taxes.

The scale and scope of Trump's tariffs shocked investors, who had already been selling off stocks in anticipation of a global slowdown.

The Dow is now down roughly 15 percent from a record high of 45,073 set in December, the S&P 500 is down 17.4 percent from a record high set in February and the Nasdaq is down a staggering 23 percent from its December closing record.

Trump said Friday on Truth Social that investors should buy low in the market and has expressed continued confidence in his agenda.

While several of his officials defended his policies publicly Friday, Trump has not offered a public comment. He is in Florida and was on the golf course Friday.

Read the full report at TheHill.com.

 

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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Essential Reads

Key business and economic news with implications this week and beyond:

 

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© The Hill