May 1, 2020 / Sergei Klebnikov, Forbes Staff
TOPLINE
The stock market finished lower on Friday after President Trump threatened new tariffs on China over the coronavirus outbreak—claiming that it was created in a Wuhan lab.
KEY FACTS
- The Dow Jones Industrial Average was down 2.5%, over 600 points, on Friday, while the S&P 500 fell 2.8% and the Nasdaq Composite lost 3.2%.
- Stock futures fell after President Trump late on Monday claimed to have evidence that the coronavirus was man-made in a Wuhan lab, despite findings from his top intelligence officials saying otherwise.
- The president threatened to implement new tariffs on China, with his administration reportedly in the early stages of crafting retaliatory measures over the outbreak, according to Reuters.
- Later on Friday, White House economic advisor Larry Kudlow escalated tensions and said that the Chinese will be held accountable for the coronavirus.
