*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none}sub,sup{font-size:75%;line-height:0}#converted-body .list_block ol,#converted-body .list_block ul,.body [class~=x_list_block] ol,.body [class~=x_list_block] ul,u .body .list_block ol,u .body .list_block ul{padding-left:20px} @media (max-width:620px){.desktop_hide table.icons-outer{display:inline-table!important}.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-12 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-14 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px}.row-14 td.column.first .border{padding:5px 5px 15px 25px;border-bottom:15px solid transparent}}

Business & Economy

Business & Economy

The Big Story

S&P 500 sinks into correction amid stock selloff

The major stock index closed Thursday 10 percent below a record high reached in February, hitting an infamous threshold on Wall Street.

© AP

The S&P closed with a loss of 1.4 percent, falling to just more than 5,521.52.

That level is roughly 10 percent below the key index’s most recent record high of 6,144.15, which was set Feb. 19.

Thursday marked yet another day of steep losses for the stock market amid mounting concerns over the state of the economy and the potential impact of President Trump’s trade agenda.

After a brief reprieve from a better-than-expected inflation report Wednesday, markets continued to sell off after Trump and the European Union exchanged new tariffs and threats.

• Trump earlier Thursday threatened to put a 200 percent tariff on wine, Champagne and other alcohol from if the EU did not revoke a new import tax on U.S. whisky.
• Trump’s 25 percent tariffs on steel and aluminum took effect Wednesday, leading the EU to retaliate with a two-step plan.
• The EU is set to allow expired tariffs on U.S. goods, which the bloc imposed during its last trade battle with Trump, to return April 1. The EU also plans to impose new tariffs on $28 billion in U.S. goods by mid-April.

Trump’s escalating trade wars with Europe, Canada and Mexico have shaken the confidence of business leaders and consumers alike, ramping up the pressure on the president and his party.

Read the full report at TheHill.com.

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

Did someone forward you this newsletter? Subscribe here.

Essential Reads

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

Schumer says he will vote to advance GOP spending bill, lowering threat of shutdown

Senate Democratic Leader Chuck Schumer (N.Y.) announced on the Senate floor Thursday that he plans to vote to advance a House-passed six-month government funding bill, despite........

© The Hill