Dow plunges 2,100 in a worsening global sell-off after China retaliates against Trump tariffs

The worldwide sell-off for financial markets is slamming into an even higher, scarier gear. The S&P 500 tumbled 5.7% Friday, the Dow Jones Industrial Average plunged 2,100 points and the Nasdaq composite dropped 5.7%. Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump's big raise in tariffs in an escalating trade war. Not even a better-than-expected report on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide. The price of oil slid to its lowest level since 2001.