Dow tumbles more than 700 points amid mounting trade war fears

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US stocks traded lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world's largest economies that could impede domestic economic expansion in roughly its ninth year.

Trade war fears: A measure of calm has returned to global markets.

"It's a reaction to concerns about the administration's approach to trade". China earlier said no talks were ongoing.

"If the market is down it often tends to accelerate on Friday".

Jason Pride, chief investment officer for Glenmede's private client business, said Trump's latest order caught investors off guard. Then came a directive from the White House, asking staff to find $100 billion worth of Chinese goods to hit with tariffs. "The number of advancing stocks on the NYSE are outnumbering decliners 2,347 to 486, or by an 5-to-1 margin".

The S&P 500 lost 22.96 points, or 0.862237 per cent, to 2,639.88.

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China's reply was also strident.

The Dow Jones Industrial Average today is down more than 600 points (-1.76%), ending a volatile week of price swings.

U.S stocks closed with steep losses Friday amid growing fears of a trade war between the USA and China. He said in a Friday morning interview that tariffs targeting China could cause some "pain" in the US economy, but promised that America would emerge stronger as a result.

The S&P 500 ended just above its 200-day moving average after trading well below that key support level that is watched by technical analysts.

The drop was once again unpredictable, but we've rounded up the two biggest reasons for today's sell-off on Wall Street to keep you in the loop. It was his first speech on the economic outlook since taking over as chairman on February 5.

"The market might have been starting to contemplate that all the trade volatility might lead the Fed to be a little less aggressive with its policy, and at least for today, the Fed chairman didn't give any indication that that was going to be the case", O'Hare said. Dow futures 1YMcv1 were down 1.7 percent. It backed for the first time proposed legislation requiring social media sites to disclose the identities of buyers of online political campaign ads and introduced a new verification process for people buying "issue" ads, which have been used to sow discord online. The put-call ratio registered a tame reading of 1.04.