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World stocks fell again on Friday, with the S&P 500 and Dow Jones Industrial Average both recording their biggest daily declines of the year as plunging oil prices and tariffs weighed on the energy sector.
The so-called FTSE 300, France’s top share index, fell 0.5 per cent while the FTSE MIB, the pan-European index, was 0.1 per cent lower as European markets posted their sharpest falls since early March.
The Dow Jones was off 0.85 per cent on the day and the S&P 500 by 1.1 per cent. The technology-heavy Nasdaq Composite tumbled 1.3 per cent.
The slump in stock and oil prices followed a steep two-session decline for the S&P 500 and the Nasdaq last week as concerns mounted about the prospect of a trade war between the US and other countries.
As a wave of bearish news started to pile up over the past week, the S&P 500 slumped 3.4 per cent and the Nasdaq 2.7 per cent. The two market gurus’ indexes have stumbled through their worst start to a year since 2001.
While tech companies and oil traders continue to draw their lessons from the week, the Canadian dollar plunged to its lowest in 15 years, while the S&P 500 Energy sector slumped 2.2 per cent to close below its 50-day moving average for the first time since 2013.
The Dow industrials, which have lost 6.4 per cent since hitting a January record close, recorded its fifth straight session of losses as shares of Apple, Microsoft and Amazon all posted losses.
In Germany, the DAX fell 0.8 per cent as the DAX index of German companies listed on the DAX hit its lowest close since July 2016.
Read our guide to “Stocks, oil, oil”: How markets are feeling