Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.
The Trump administration imposed tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs against imports from China. All three countries announced retaliatory actions, sparking worries about a slowdown in the global economy.
The S&P 500 fell 1.2%, with more than 80% of the stocks in the benchmark index closing lower. The Dow Jones Industrial Average slid 1.6%.
The Nasdaq composite slipped 0.4%. The tech-heavy index briefly reached a 10% decline from its most recent closing high, which is what the market considers a correction, but gains for Nvidia, Microsoft and other tech heavyweights helped pare those losses.
Financial stocks were among the heaviest weights on the S&P 500 index. JPMorgan Chase fell 4% and Bank …