index comp: How are the major benchmarks faring Stocks extended declines ahead of the closing bell, with the Dow off more than 700 points at its session low, according to Market Watch. In the end, the Dow Jones Industrial Average DJIA, -2.37% closed with a loss of 623.34 points, or 2.4%, at 25,628.90, while the S&P 500 index SPX, -2.59% dropped 75.84 points, or 2.6%, to finish at 2,847.11. Early in the session, major indexes flipped between modest gains and losses after Federal Reserve Chairman Jerome Powell left the door open for another interest rate cut in September in a widely anticipated speech in Jackson Hole, Wyoming. The Nasdaq Composite Index COMP, -3.00% shed 239.62 points to end at 7,751.77, a loss of 3%. The drop left the major indexes with their fourth consecutive weekly loss, with the Dow down 1% since last Friday, while the S&P 500 saw a 1.4% drop and the Nasdaq declining 1.8%. What's driving the market Trouble kicked off ahead of Friday's open, with China announcing new tariffs of 5% and 10% on 75 billion in U.S. imports, set to go into effect in two tranches, on Sept. 1 and Dec. 15, respectively. See Escalation in U.S.-China trade war threatens global economy, poses Trump re-election risk The move drew a furious response from Trump, who tweeted that he had hereby ordered U.S. companies to immediately start looking for an alternative to China. The Chinese government said that the move was in response to the Trump administration's plans to institute 10% tariffs on 300 billion in Chinese imports, also in two stages and on the same dates, announced earlier in August.
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