US Stocks Sink as Trade Conflicts Escalate

Stocks are closing broadly lower after President Trump indicated he was in no hurry to make a trade deal with China, the AP reports. Stocks for technology companies, which do a lot of business with China, led the declines. Intel lost 2.8%. Trump said he had "no deadline" for making a deal, suggesting there may not be an agreement this year, as previously hoped. Investors were also disappointed that the US proposed tariffs on French goods, a day after announcing taxes on steel and aluminum imports from Chile and Argentina. The S&P 500 fell 20 points, or 0.6% to 3,093. The Dow Jones Industrial Average dropped 280 points, or 1%, to 27,502. The Nasdaq lost 47 points, or 0.6%, to 8,520. (Read more stock market stories.)