U.S. stocks sank Monday as the financial turmoil that began last week following President Donald Trump’s shock tariffs announcement continue to rip through markets.
The S&P 500 opened down 4%, entering “bear market” territory as it officially fell to below 20% from its most recent high. The tech-heavy Nasdaq declined more than 4.5%. The Dow Jones Industrial Average lost 3.78% or 1,200 points.
The sting of Trump’s sweeping tariffs reverberated around the world overnight across the major indexes in Europe and Asia, where markets opened to a bloodbath and automatic circuit breakers triggered in some places to stop stocks crashing.
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