Dow breaches 200-day moving average for first time since February with 2% skid

The Dow Jones Industrial Average on Monday was falling sharply, with the decline, on the back of intensifying U.S.-China trade tensions, pushing the blue-chip index below its 200-day moving average. The Dow, most recently, was down nearly 600 points, or 2.3%, at 25,354, with that slump taking the index beneath its long-term 200-day MA at 25,423.34, for the first time since Feb. 8, according to FactSet data. On Monday, Chinese officials announced retaliatory tariffs against the U.S., hitting $60 billion in annual exports to China with new or expanded duties that could reach 25%. Hu Xijin, editor in chief of China's Global Times, a daily Chinese tabloid with ties to the Communist Party, reported on Twitter Monday morning that China may take further steps in the coming days and weeks. The move by China came after the U.S. on Friday raised imports from the second-largest economy to 25% from 10% and a trade negotiation in Washington, featuring Vice Premier Liu He, ended without any apparent resolution in tensions. Meanwhile, the S&P 500 index was down 2.4% at 2,814, and the Nasdaq Composite Index retreated 3% at 7,674.

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