The sell-off on Wall Street struck a new low Thursday following the expanding trade war pushed by President Donald Trump, dragging the S&P 500 more than 10 percent below its record high set last month.
Such a drop of 10 percent is referred to as a “correction” among professional investors, and the index's 1.4 percent slump on Thursday alone sparked the first correction for the index since 2023. The stock market losses followed Trump’s threat to impose massive tariffs on European alcoholic products. The drop continued despite otherwise good news for the American economy.
