Stocks Ended Sharply Lower on Trade War Fears

U.S. stocks closed sharply lower on Thursday, as the Trump administration’s plans to announce new trade restraints against China renewed fears about a potential trade war that could dent global economic growth. The Dow Jones Industrial Average tumbled 724.42 points, or 2.93%, to 23,957.89. The S&P 500 dropped 68.24 points, or 2.52%, to 2,643.69. the Nasdaq Composite declined 178.61 points, or 2.43%, to 7,166.68.

Oil prices retreated from a seven-week high Thursday, pressured by gains in U.S. production. May West Texas Intermediate crude fell 87 cents, or 1.3%, to settle at $64.30 a barrel. May Brent crude shed 56 cents, or 0.8%, to $68.91 a barrel.