Stocks closed broadly lower and bond prices rose sharply on Wall Street Tuesday after President Donald Trump cast doubt over the potential for a trade deal with China this year.
Technology companies, banks and industrial stocks accounted for much of the sell-off, which extended the S&P 500’s losing streak to a third day. Utilities and real estate stocks rose as traders favored less-risky assets.
The S&P 500 index fell 20.67 points, or 0.7%, to 3,093.20. The Dow Jones Industrial Average lost 280.23 points, or 1%, to 27,502.81. The index was briefly down 457 points.
The Nasdaq dropped 47.34 points, or 0.6%, to 8,520.64. The Russell 2000 index of smaller company stocks gave up 4.95 points, or 0.3%, to 1,602.63.
Stocks have been racking up losses this week, giving up some of the market’s solid gains from a strong November rally fueled partly by investor optimism about the prospects for a trade deal between Washington and Beijing.