Worsening trade tensions sink stocks

Friday, May 3, 2019, Vol. 43, No. 18

NEW YORK (AP) — An escalating showdown between the U.S. and China over trade sent shudders through the stock market, handing the S&P 500 is biggest loss since late March.

Technology and industrial stocks, which do a lot of business with China and would stand to suffer greatly in a protracted trade war, led the way lower on Tuesday.

Apple lost 2.7% and United Technologies fell 3.4%

China's top economic official travels to Washington this week ahead of a Friday deadline by which Washington said it would sharply raise tariffs on Chinese goods.

Safe-play sectors like utilities held up better than the rest of the market.

The S&P 500 fell 48 points, or 1.7%, to 2,884.

The Dow fell 473 points, or 1.8%, to 25,965. The Nasdaq fell 159 points, or 2%, to 7,963.