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Home / Business / Dow plunges as a loss Gain Momentum After China Retaliates With Tariff Increases

Dow plunges as a loss Gain Momentum After China Retaliates With Tariff Increases



Here are 3 good things to know about stocks right now

  • Stocks fell sharply Monday after China said it would raise rates by as much as $ 60 billion US imports to as high as 25%.
  • Apple (AAPL – Get Report) shares dropped more than 5% as investors were worried about the impact of China's rates on tech giant.
  • Teva Pharmaceuticals (TEVA – Get Report) slumped after lawyers generally from more than 40 states charged the company with interactions to artificially inflate and manipulate drug prices.

Wall Street Overview

The shares went sharply after Monday after China said it would raise prices by as much as $ 60 billion US imports to as high as 25% after last week's breakdown trade talks between the world's two largest economies .

China said the tariff increase of about 5,000 product groups will take effect on June 1

. US last week increased tariffs of $ 200 billion of China-introduced imports to 25%. 19659007] "The recent escalation of US and China trade tensions is exacerbating toll on stocks as rising retirement rates, providing a full-fledged trade war," Alec Young, Global Market Research CEO, FTSE Russell. "Investors are becoming increasingly concerned. An expected second half of the revenue review can now evaporate as President Trump's threat of thanking the remaining $ 325 billion in Chinese imports would disproportionately target consumer products such as iPhones, thus posing a major threat to the US-driven consumer economy."

The Dow Jones Industrial Average was down 583 points, or 2.25% to 25.358, S & P 500 was 2.35%, and Nasdaq fell 2.95%.

Stocks in Boeing (BA – Get Report) fell 3.1% to $ 343.74 after the editor of the Chinese newspaper Global Times speculated that the country could rule out the aircraft creator in trade war with the United States, CNBC reported.

Teva Pharmaceuticals (TEVA – Get Report) fell 12.1% to $ 12.62 after lawyers generally from more than 40 states claimed that the nation's largest generic drugmakers conspired to artificially inflate and manipulate prices for more than 100 different generic drugs.

Insys Therapeutics (INSY – Get Report) shares fell 74% to 92 cents after the company considered it was considering filing for bankruptcy protection due to the financial burden of litigation related to its role in maintaining the opioid crisis in the United States.

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