S&P, Dow suffers worst day since Jan. 3 as China imposes retaliatory tariffs

U.S. stocks finished sharply lower on Monday as the U.S. and China escalated their longstanding trade spat. The S&P 500 fell 2.4% to end around 2,812. The Dow Jones Industrial Average slipped 2.4%, or 617 points, to around 25,326, based on preliminary numbers. The Nasdaq Composite tumbled 3.4% to end around 7,647. The Nasdaq had its worst day this year. The S&P and Dow suffered their biggest losses since Jan. 3. China launched its own broadside of tariffs on $60 billion of U.S. imports after the Trump administration late last week raised tariffs on $200 billion of Chinese imports. President Donald Trump also said the U.S. was ready to impose another round of tariffs on $300 billion of Chinese goods. Trump said he would later meet with China's leader Xi Jinping in June at the Group of 20 summit in Japan. Shares of companies sensitive to U.S.-China trade tensions took a heavy beating, including Apple Inc. , Advanced Micro Devices Inc. and Intel Corp.

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