LOS ANGELES, CA - MAY 30: Mark Wahlberg and Jimmy Butler are seen in Los Angeles on May 30, 2015 in Los Angeles, California. (Photo by GONZALO/Bauer-Griffin/GC Images)

< Go to Homepage

Stock Market Suffers Huge Losses Amid Concerns About Interest Rates, Trade War

The Dow Jones Industrial Average plunged 830 points.

Technology stocks took a huge hit as part of a larger market sell-off on Wednesday, amid concerns about higher interest rates and a looming trade war with China. According to Buzzfeed News, the Dow Jones Industrial Average dropped 830 points, its largest drop since February. The S&P 500 fell to its lowest point in three months.

President Donald Trump was briefed on the sell-off, according to multiple reports. One senior White House official told CNBC, “This is a bull market correction. It’s probably healthy. This will pass and the US economy remains strong.”

Tech stocks have seen significant gains throughout 2018, but they were among the stocks that suffered the most damage. Amazon was up more than 50 percent since the start of the year, and it fell 6 percent. Netflix closed the day down 8.4 percent. Apple’s stock had increased nearly 40 percent since last April. It fell 4.6 percent on concerns about trade tensions between China and the U.S.

Read the full story at Buzzfeed News