Global stock markets plummeted further on Friday after China said it would strike back at U.S. President Donald Trump with additional tariffs of 34% on U.S. goods, escalating a trade war that has rattled investors and fed fears of a coming recession.
The trade war has spurred the biggest market losses since the COVID-19 pandemic.
The Nasdaq Composite's slide confirmed a bear market for the tech-heavy index, compared to its record closing high of 20,173.89 on Dec. 16. Meanwhile, the Dow Jones Industrial Average confirmed a correction to its record closing high of 45,014.04 on Dec. 4.
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