Stock Markets in Turmoil as Dow Jones Suffers Historic Drop

The United States stock markets faced a severe downturn on Friday, with the Dow Jones Industrial Average experiencing a dramatic fall of 2,231 points, marking a 5.50% decline. This significant drop was part of a continued selloff from the previous day, as investor anxiety over a potential global recession deepened.

China's Retaliatory Tariffs Spark Further Concerns

Adding fuel to the fire, China announced a 34% retaliatory tariff on all US goods, a direct response to President Donald Trump's recent imposition of reciprocal tariffs. This move has heightened fears of an escalating trade war between the two economic powerhouses, with Federal Reserve Chair Jerome Powell warning of the broader economic risks posed by these tariffs.

Tech and Healthcare Sectors Hit Hard

The Nasdaq 100 and S&P 500 were not spared, with declines of 6.07% and 5.97% respectively. Notable losses included Boeing Company, which saw its shares plummet by 9.49%, and GE HealthCare Technologies, which plunged by 16.03%. Meanwhile, the euro weakened against the US dollar, trading 0.96% lower at $1.09462 by the close.