Jim Chesko reporting...
Stocks suffered sharp losses today amid signs of a widening U.S.-China trade dispute. Technology, industrial and energy shares were particularly hard-hit, with the Dow Industrials tumbling 286 points. The Nasdaq Composite slid 122.
Among energy stocks: Hess Corp. shares skidded 8%, Halliburton lost 5%, while ExxonMobil and Chevron both dropped about 2 ¼ percent.
A huge decline by oil futures - thanks to the trade mess and yesterday’s data showing that U.S. crude-oil inventories surged last week to a 22-month high. July crude plunged $3.51, or 5.7%, to settle at $57.91 a barrel.
The trade conflict with China has taken a toll on American farmers. With that in mind, the Trump administration announced today it would spend $16 billion to help fund American agriculture, with most of the money taking the form of direct payments to U.S. farmers.