>> It's a rocky end to the week for Wall Street. US stocks slid about 2% Friday, with the Dow closing down 570 points. Investors panicking after President Trump's latest threat to boost tariffs on Chinese imports. Escalating fears of a trade war have kept stocks on edge for weeks, and Friday was no different, says Reuters Markets Editor Dan Burns.
>> We did see pronounced weakness in industrials and banks as well. We're quite weak across the board today, we saw Boeing was down 3%. They've been kind of a poster child of all this through the course of the week. Tech stocks continue to show real weakness, Trump taking aim at companies like Amazon haven't helped matters.
>> Trump's top economic advisor, Larry Kudlow, failed to ease investor worries over a heated trade dispute with China.>> Blame China, don't blame the administration, don't blame Japan, don't blame Europe, blame China.>> Also rattling investors, Fed Chairman Jerome Powell's first speech on the economic outlook.>> We hit the day's lows right as he was in the Q&A portion of his comments.
What people were focusing on most is one, he did forecast continued interest rate hikes, no pause in that policy. And secondly, he never really addressed directly the big elephant that’s on everybody’s mind right now, which is trade.>> Looking ahead at next week, some investors are focusing on the bright side, hoping Trump's tax reforms will mean strong quarterly earnings.