Wall Street plummets, Nasdaq erases gains this year

By Ovunc Kutlu

NEW YORK

Wall Street posted major losses Monday, with the Nasdaq erasing its year-to-date gains on a selloff in tech stocks and fears of a trade war between the U.S. and China.

At the final bell, the Dow Jones Industrial Average was down 458 points, or 1.9 percent, at 23,644 while the S&P 500 lost 59 points, or 2.2 percent, to close at 2,581.

They ended the day down 4.4 percent and 3.4 percent, respectively, since the beginning of this year.

The Nasdaq declined 193 points, or 2.7 percent, to end at 6,870 and was down 0.5 percent year-to-date.

With increased criticism from President Donald Trump, Amazon shares ended the day with a 5.1 percent loss.

Twitter saw its stock price decline 3.3 percent while Intel shares dropped 6.1 percent.

China announced April 1 that it had begun imposing tariffs of 15 to 25 percent on 128 U.S. products in a move seen as retaliation against Trump's increased tariffs on imports of steel, aluminum and some Chinese goods.

Beijing’s quick response suggested that tensions between the world's two biggest economies could pave the way for a trade war and spill over to other countries in Asia that the two countries have close ties with.

Experts warned that U.S. indexes could extend their losses this week if investors continue to maintain a selling position to avoid risk.