By CCN: The US stock market succumbed to a grisly bout of volatility on Friday, triggered by yet another escalation to the US-China trade war.
Dow Volatile After Beijing Unloads on Trump Administration
The Dow Jones Industrial Average began the day with a 200 point plunge, only to rally back into positive territory by midday. However, the index turned sour as the afternoon session matured, and by the closing bell, the Dow had lost 98.68 points or 0.38% to settle at 25,764.
The S&P 500 lost 0.58% to close at 2,859.53, and the Nasdaq plunged 1.04% to 7,816.29 to round out a frantic day on Wall Street.
All of Wall Street’s major indices recovered after the University of Michigan Consumer Sentiment Index climbed to a 15-year high of 104.2 for the month of May. Stocks also bounced on a report that the US would lift steel and aluminum tariffs on fellow NAFTA countries Canada and Mexico.
Earlier, a fearful stock market shivered after China’s government bared its teeth in the rapidly-escalating trade war.
Citing comments in state-run Chinese news agency Xinhua, CNBC reports that a spokesperson for the Chinese Ministry of Commerce blamed the United States for derailing the trade negotiations.
“The two sides had open and constructive communication during the 11th round of the China-U.S. high-level economic and trade consultations,” spokesperson Gao Feng said. “However, it is regrettable that the US side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks.”
The spokesperson further attacked President Trump and his administration for exhibiting