Markets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs

NEW YORK (AP) — Wall Street’s worst crisis since COVID slammed into a higher gear Friday.

The S&P 500 lost 6% after China matched President Donald Trump’s big raise in tariffs announced earlier this week. The move increased the stakes in a trade war that could end with a recession that hurts everyone. 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 drop closed the worst week for the S&P 500 since March 2020, when the pandemic ripped through the global economy. The Dow Jones Industrial Average plunged 2,231 points, or 5.5% and the Nasdaq composite tumbled 5.8% to pull more than 20% below its record set in December.

So far there have been few, if any, winners in financial markets from the trade war. Stocks for all but 14 of the 500 companies within the S&P 500 index fell Friday. The price of crude oil tumbled to its lowest level since 2021. Other basic building blocks for economic growth, such as copper, also saw prices slide on worries the trade war will weaken the global economy.

China’s response to U.S. tariffs caused an immediate acceleration of losses in markets worldwide. The Commerce Ministry in Beijing said it would respond to the 34% tariffs imposed by the U.S. on imports from China with its own 34% tariff on imports of all U.S. products beginning April 10. The United States and China are the world’s two largest economies.

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As stock market continues plummeting over tariffs, Trump spends the day at his golf course

WEST PALM BEACH, Fla. (AP) — Two days after sending the economy reeling by announcing widespread tariffs, President Donald Trump insisted his trade policies will never change as he remained ensconced in a bubble of wealth and power in Florida.

He woke up on Friday morning at Mar-a-Lago, his private club in Palm Beach, and headed to his nearby golf course a few miles away after writing on social media that “THIS IS A GREAT TIME TO GET RICH."

Several supporters stood on the sidewalk as Trump, wearing his signature red “Make America Great Again” hat and white polo shirt, glided down a street lined with palm trees. They waved to him and he waved back, part of a ritual that plays out every weekend that he's in town.

The Republican president was not expected to appear publicly, although he's scheduled to attend a candlelit dinner for MAGA Inc., an allied political organization, on Friday evening. He spent Thursday in Miami at a different one of his golf courses, where he attended a Saudi-funded tournament. He landed in Marine One and was picked up in a golf cart driven by his son Eric.

Trump has often proved impervious to the kind of scandals or gaffes that would damage another politician, but his decision to spend the weekend at his gilded properties could test Americans' patience at a time when their retirement savings are evaporating along with the stock market. The tariffs are expected to increase prices by thousands of dollars per year and slow economic growth, and there are fears about a potential recession.

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Think twice before bailing out of the stock market, financial advisers say

NEW YORK (AP) —

The huge swings rocking Wall Street and the global economy may feel far from normal. But, for investing at least, drops of this size have happened throughout history.

Stomaching them is the price investors have had to pay in order to get the bigger returns that stocks can offer over other investments in the long term. Here's a glimpse at what's behind the market's wild moves and what experts advise investors young and old to consider:

Wall Street's main benchmark, the S&P 500, has lost more than 16% since setting an all-time high on Feb. 19, mostly because of worries about President Donald Trump's tariffs.

Any kind of uncertainty around the economy will give Wall Street pause, but the trade war is making it more difficult for companies, households and others to feel confident enough to invest, spend and make long-term plans.

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Trump abruptly fires the 4-star general who headed the National Security Agency

WASHINGTON (AP) — President Donald Trump has abruptly fired the director of the National Security Agency, according to U.S. officials and members of Congress, but the White House and the Pentagon have provided no reasons for the move.

Senior military leaders were informed Thursday of the firing of Air Force Gen. Tim Haugh, who also oversaw the Pentagon’s Cyber Command, the officials said. They received no advance notice about the decision to remove a four-star general with a 33-year career in intelligence and cyber operations, according to the officials, who spoke on the condition of anonymity to discuss personnel decisions.

The move has triggered sharp criticism from members of Congress and demands for an immediate explanation. And it marks the latest dismissal of national security officials by Trump at a time when his Republican administration faces criticism over his failure to take any action against other key leaders' use of an unclassified Signal messaging chat that included The Atlantic Editor-in-Chief Jeffrey Goldberg to discuss plans for a military strike.

It's unclear who now is in charge of the NSA and the Cyber Command.

Also fired was Haugh's civilian deputy at the NSA, Wendy Noble.

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US has twice as many measles cases so far this year than in all of 2024

The U.S. now has more than double the number of measles cases it saw in all of 2024, with Texas reporting another large jump in cases and hospitalizations on Friday.

Other states with active outbreaks — defined as three or more cases — include New Mexico, Kansas, Ohio and Oklahoma. The virus has been spreading in undervaccinated communities, and since February, two unvaccinated people have died from measles-related causes.

The multi-state outbreak confirms health experts' fears that the virus will take hold in other U.S. communities with low vaccination rates and that the spread could stretch on for a year. The World Health Organization said last week that cases in Mexico are linked to the Texas outbreak.

Measles is caused by a highly contagious virus that's airborne and spreads easily when an infected person breathes, sneezes or coughs. It is preventable through vaccines, and has been considered eliminated from the U.S. since 2000.

Here's what else you need to know about measles in the U.S.

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South and Midwest pounded by rains and floods while reeling from tornadoes

HOPKINSVILLE, Ky. (AP) — Torrential rains and flash flooding battered parts of the Midwest and South on Friday, killing a boy in Kentucky who was swept away as he walked to catch his school bus. Many communities were left reeling from tornadoes that destroyed entire neighborhoods and killed at least seven people earlier this week.

Round after round of heavy rains have pounded the central U.S. for days, and forecasters warned that it could persist through Saturday. Satellite imagery showed thunderstorms lined up like freight trains over communities in Arkansas, Tennessee and Kentucky, according to the national Weather Prediction Center in Maryland.

In Frankfort, Kentucky, a 9-year-old boy died in the morning after floodwaters swept him away while he was walking to a school bus stop, Gov. Andy Beshear said on social media. Officials said Gabriel Andrews' body was found about a half-mile from where he went missing.

The downtown area of Hopkinsville, Kentucky — a city of 31,000 residents 72 miles (116 kilometers) northwest of Nashville — was submerged. A dozen people and more than 40 pets had been rescued from homes as of the afternoon, a fire official said.

“The main arteries through Hopkinsville are probably 2 feet under water,” said Christian County Judge-Executive Jerry Gilliam said earlier.

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Israeli strikes kill at least 17 in Gaza as ground troops enter Palestinian territory's north

DEIR AL BALAH, Gaza (AP) — Israeli strikes killed more than a dozen people in the Gaza Strip early Friday, as Israel sent more ground troops into the Palestinian territory to ramp up its offensive against Hamas.

At least 17 people, some from the same family, were killed after an airstrike hit the southern city of Khan Younis, according to hospital staff. Hours later, people were still searching through the rubble, looking for survivors.

The attack came a day after Israeli strikes killed at least 100 Palestinians. Hundreds more have died in the past two weeks, as Israel has intensified operations, intended to pressure Hamas to release remaining hostages it took during its attack on Israel in October 2023. On Friday, Israel said it had begun ground activity in northern Gaza, in order to expand its security zone.

Israel’s military had issued sweeping evacuation orders for parts of northern Gaza before expected ground operations. The U.N. humanitarian office said around 280,000 Palestinians have been displaced since Israel ended the ceasefire with Hamas last month.

In recent days, Israel has vowed to seize large parts of the Palestinian territory and establish a new security corridor across it.

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How Trump's latest tariffs could affect your wallet

NEW YORK (AP) — President Donald Trump has unveiled his latest tariffs, and they could have significant implications for your wallet.

Trump's sweeping new tariffs, on top of previous levies and retaliation worldwide, are expected to increase prices for everyday items. The trade wars have already roiled financial markets and plunged businesses into uncertainty — all while economists warn of potentially weakened economic growth and heightened inequality.

Which impacts will be felt by consumers and workers first? And what can households do in the face of so much uncertainty? Here's what you need to know:

Tariffs are taxes on goods imported from other countries. Companies buying foreign products pay the tariffs imposed on them — and, as a result, face higher costs that are typically passed on to customers.

Trump has argued tariffs will protect U.S. industries from unfair foreign competition and raise money for the federal government. But since so much of what we buy today relies on a global supply chain, steeper tariffs mean you'll likely see more expensive prices from the grocery aisle to your next car repair.

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Officials say a Russian strike in central Ukraine kills 14 people, including six children

KYIV, Ukraine (AP) — A Russian ballistic missile strike Friday on a central Ukrainian city killed at least 14 people, including six children, Ukrainian officials said, as U.S. and European leaders pressed Russia to accept a ceasefire in the conflict.

At least 50 people were wounded in the strike on Kryvyi Rih — the hometown of Ukrainian President Volodymyr Zelenskyy — in what the region’s leader Serhii Lysak described as an “assault against civilians.”

“The missile struck an area right next to residential buildings — hitting a playground and ordinary streets,” Zelenskyy wrote on Telegram.

Local authorities said the strike damaged about 20 apartment buildings, more than 30 vehicles, an educational building and a restaurant. They said emergency responders were at the scene and psychologists were helping survivors.

Zelenskyy blamed the daily strikes on Russia’s unwillingness to end the war: “Every missile, every drone strike proves Russia wants only war.” He urged Ukraine’s allies to increase pressure on Moscow and bolster Ukraine’s air defenses.

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Four space tourists return to Earth after a private flight over the poles

CAPE CANAVERAL, Fla. (AP) — Four space tourists who orbited the north and south poles returned to Earth on Friday, splashing down in the Pacific to end their privately funded polar tour.

Bitcoin investor Chun Wang chartered a SpaceX flight for himself and three others in a Dragon capsule that was outfitted with a domed window that provided 360-degree views of the polar caps and everything in between. Wang declined to say how much he paid for the 3 1/2-day trip.

The quartet, who rocketed from NASA’s Kennedy Space Center on Monday night, returned off the Southern California coast. It was the first human spaceflight to circle the globe above the poles and the first Pacific splashdown for a space crew in 50 years.

The Chinese-born Wang, now a citizen of Malta, invited Norwegian filmmaker Jannicke Mikkelsen, German robotics researcher Rabea Rogge and Australian polar guide Eric Philips, all of whom shared stunning vistas during their voyage.

“It is so epic because it is another kind of desert, so it just goes on and on and on all the way,” Rogge said in a video posted by Wang on X while gazing down from orbit.