Dow slashes 290 points of losses from China-tariff inspired tumble in late-morning action

The Dow Jones Industrial Average cut into steep losses late-morning Monday, reducing a sharp slump by nearly 300 points. The Dow, most recently, was down 193 points, or 0.7%, at 26,314, but it had been down by as many as 471.95 points, in an apparent response to a pair of tweets by President Donald Trump, indicating his intention to raise tariffs on China goods to 25% from 10%, raising questions about a productive, near-term resolution on trade negotiations between the U.S. and China. The Dow appeared to bounce off its 50-day moving average at 26,289.12, according to FactSet data. Other key benchmarks also pared losses, with the S&P 500 index SPX, -0.96% down 0.9% at 2,919, off an intraday low of 2,898, while the Nasdaq Composite Index COMP, -1.09% retreated 0.9% at 8,088, but had been down at 7,981, briefly below a psychologically important level at 8,000. Market technicians view moving averages as bullish and bearish demarcation points in an asset.

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