New York – CNN — The US stock market, fresh off its third-best day in modern history, is sinking back into reality: Although President Donald Trump paused most of his “reciprocal” tariffs, his other massive import taxes have already inflicted significant damage, and the economy won’t easily recover from the fallout.
Stocks tumbled Thursday, falling deeply into the red after the White House clarified that its tariff on all Chinese goods was at least 145% — even higher than previously believed. The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,000 points, or 2.5%, Thursday afternoon, pulling back from tumbling as much as 2,100 points earlier.
The S&P 500 fell 3.4% and the Nasdaq Composite slid 4.3%. The S&P 500 is coming off its best day since 2008, and the Nasdaq on Wednesday posted its second-best daily gains in history. After taking a victory lap Wednesday, the president on Thursday acknowledged some “transition problems” could be expected — comments that come as the Dow tumbled again.
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