S&P 500 ends down 1.6% as tariff angst kills US stocks rally

By Agencies 8 April 2025, 11:19 pm

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Traders work on the floor at the New York Stock Exchange in New York, Tuesday, April 8, 2025. (AP Photo/Seth Wenig)

Wall Street stocks tumbled again on Tuesday as initially successful efforts to rebound from big losses faded amid worries over US President Donald Trump’s trade wars.

All three major indices finished firmly in the red, with the S&P 500 shedding 1.6 percent to 4,982.77, its first close below 5,000 points in nearly a year.

The S&P 500 wiped out an early gain of 4.1%, which had it on track for its best day in years.

Uncertainty is still high about what President Donald Trump will do with his trade war. The latest set of tariffs, including a massive 104% levy on Chinese imports, are scheduled to kick in after midnight.