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. 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.

Source: Forbes May 01, 2020 13:34 UTC