After The Bell: Stocks Lower As Trade War Heats Up

Andy Giersher
September 07, 2018 - 5:49 pm

CHICAGO (WBBM NEWSRADIO) -- Stocks closed lower Friday after President Trump said the U.S. is ready to impose tariffs on an additional $267 billion in Chinese imported goods. 

The S&P 500 lost 6, the NASDAQ shed 20 and the Dow Jones industrial average closed down nearly 80 points, settling to 25,916.

"We still have tariffs lurking in the background, we've just imposed some on China earlier this week,” Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, said.

“We're announcing additional tariffs and we are really seeing it show up in the foreign exchange market, currencies and certainly in international markets. Emerging markets and the like really taking it on the chin. Comparatively speaking, the US market has held up very well throughout this tumult.”

He added that Friday's government jobs report was very strong and that the Fed will certainly raise rates in September.