U.S. stocks ended week with deep sellof on trade war worries

A trader on the floor of the New York Stock Exchange. US stocks ended the week with deep selloff leaving them lower the for the five days. Lucas Jackson  Reuters

Blame "Tariff Tantrum 2.0" for the latest stock market swoon.

Another increase in trade tensions has stocks falling sharply Friday as the US considers an even larger set of tariffs on imports from China and the two countries exchange pointed statements.

The stock market changed direction again and again this week as investors tried to get a sense of whether the trade dispute between the world's two largest economies will escalate.

"Escalation of the U.S". That came with the US considering duties on an additional $100 billion in goods imported from China.

The Dow Jones Industrial average fell by more than 2 percent by closing bell Friday, rebounding from being down some 767 points at midday. "The number of advancing stocks on the NYSE are outnumbering decliners 2,347 to 486, or by an 5-to-1 margin".

For the week, the Dow was down 0.7%.

"If the U.S. side disregards opposition from China and the global community and insists on carrying out unilateralism and trade protectionism, the Chinese side will take them on until the end at any cost", the Commerce Ministry said in a statement.

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Trump announced Thursday night that his administration would consider imposing $100 billion more in tariffs on Chinese goods.

The latest threats unnerved investors.

Comments from Treasury Secretary Steve Mnuchin failed to calm investor fears.

U.S. government bond prices declined as global stocks rallied, lifted by bets that that negotiations would soften the blow of announced trade tariffs.

Many are in a panic over the recent escalation and some believe that China can handle a potential trade war far better than America can due to the nature of its government and economy. "This is not a trade war".

"Investors breathed a sigh of relief", said Sam Stovall, chief investment strategist at CFRA Research. "However, negotiations could take months". The VIX, a measure of market volatility, spiked 12 percent. The statement added that China "doesn't want" a trade war, but is "not afraid to fight one".

To make things worse, the U.S. economy added fewer jobs than expected in March, according to a government report released Friday morning.

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