iStock(NEW YORK) — U.S. stocks opened lower on Thursday after reaching a new milestone.
The Dow Jones Industrial Average traded at 22,385, down 494 points or 2.2 percent from Wednesday’s close, after surging more than 5 percent on Wednesday. Investors sought to lock in profits from Wednesday’s historic rally and were concerned that President Trump was escalating a trade war with China.
On Wednesday, the Dow experienced its biggest one-day point jump in history.
The tech-heavy Nasdaq also opened lower, shedding 2.2 percent to trade at 6,409. The S&P 500 was down 1.6 percent at 2,428 in early trade.
U.S. equities were taking cues from Asian markets, which traded lower. Investors grew jittery about the escalating trade war with China, after reports that President Trump was considering an executive order banning the use of telecommunications equipment made by China’s tech giants Huawei and ZTE by U.S. companies.
Markets tend to be more volatile in holiday sessions because of the light trading. Monday’s short Christmas Eve session was the worst in U.S. history for that day and followed the worst week for the Dow since 2008.
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