The Dow crashed more than 500 points, erasing ALL of its hard-fought weekly gains during a brutal 15-minute tailspin. | Source: REUTERS / Brendan McDermid
By CCN Markets: The Dow and broader U.S. stock market plunged anew on Friday after President Trump unleashed a fiery tweetstorm urging American businesses to shift their production domestically and look for “an alternative to China.”
Economic data added fuel to the fire after U.S. home sales plunged by 12.8%.
Dow Plunges; S&P 500, Nasdaq Follow
In the span of just 15 minutes, the Dow Jones Industrial Average wiped out its entire weekly gain on Friday. The DJIA fell 558.78 points, or 2.13%, to 25,693.46.
The broad S&P 500 Index fell 2.27% to 2,856.52, with all 11 primary sectors reporting declines. Information technology stocks plunged more than 3% to lead the market lower.
Sliding technology shares weighed heavily on the Nasdaq Composite Index, which fell 2.67% to 7,777.80.
U.S. home sales plunged to six-year lows in July, walking back most of their gains from the previous month and fueling concerns about a protracted slowdown in real estate.
Sales fell 12.8% to a seasonally adjusted annual rate of 649,000, the Department of Commerce reported Friday. Analysts in a median estimate called for a decline of only 0.2%.
Residential real estate has been under pressure for the past two years due to rising housing costs. First-time buyers have gotten the short-end of the stick as wages failed to keep pace with higher home prices and more stringent lending terms.