The three major U.S. stock indexes tumbled for a third straight day, with the blue-chip Dow Jones Industrial Average sliding 608 points to wipe out all of this year’s growth, as corporate America predicted rising costs from President Trump’s trade war and growth slowed in home sales.
The Dow fell 2.4 percent at the close of New York trading and is now down 0.5 percent this year, while the broader S&P 500 dropped 3.1 percent and the tech-heavy Nasdaq declined 4.4 percent. Although many businesses have raised prices to cover the impact of White House duties on steel, aluminum, and $250 billion of Chinese imports, which Trump says are necessary to buoy American manufacturing and curb trade imbalances, executives have also detailed millions of dollars in higher costs.
