Wednesday November 25th, 2020 5:20PM

Markets Right Now: Stocks sink as trade war escalates

By The Associated Press
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NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are plunging at the open on Wall Street Monday after China announced retaliatory tariffs against goods from the United States.

China plans tariff hikes on $60 billion of U.S. imports after the Trump administration on Friday raised tariffs on $200 billion in Chinese imports from 10% to 25%.

Technology, industrial and consumer-focused companies are bearing the brunt of the losses. Apple is down 4.4% while Caterpillar is off by 4%.

The Dow Jones Industrial is down 470 points, or 1.8%. The S&P is dropping 51 points, or 1.8% and the tech-heavy Nasdaq is down 2.3%.

Oil rose 2.4% to $63.15 a barrel after two Saudi vessels were targeted off the coast of the United Arab Emirates.

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