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U.S. Stocks suffer worst May since 2010

Author:
Alexandar Machev
Market News

U.S. stocks closed sharply lower Friday, with the market logging its worst May since 2010, after President Donald Trump unexpectedly announced plans to impose tariffs on imports from Mexico in an attempt to pressure the country to stem the flow of migrants across the U.S. border.

Meanwhile, reports said China may be readying fresh retaliatory moves against the U.S. in that trade dispute, while data showed a contraction in Chinese manufacturing activity this month.

The Dow Jones Industrial Average dropped 354.84 points, or 1.4%, to 24,815.04. The S&P 500 index fell 36.80 points, or 1.3%, to 2,752.06 and the Nasdaq Composite dropped 114.57 points, or 1.5%, to 7,453.15.

May, which in recent years has been a good month for stocks, has been dismal this year with the Dow falling 6.7% while the large-cap index lost 6.6% and the Nasdaq declined 7.9%.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.