NEW YORK, May 7 (Xinhua) -- U.S. stocks traded remarkably lower on Tuesday, as jitters among investors built up over escalating global trade frictions.
The Dow Jones Industrial Average dropped 448.90 points, or 1.70 percent, to 25,989.58. The S&P 500 fell 49.58 points, or 1.69 percent, to 2,882.89. The Nasdaq Composite Index decreased 151.50 points, or 1.87 percent, to 7,971.79.
All of the 11 primary S&P 500 sectors traded lower around midday, with the information technology sector down over nearly 1.9 percent, leading the losers.
All the 30 blue-chip stocks in the Dow extended losses, led by Boeing and Caterpillar, whose shares continued to fall nearly 3.5 percent and over 2 percent respectively around midday.
The two companies are widely seen as global trade bellwethers for their high overseas revenue exposure.
Yet shares of Anadarko Petroleum slightly rose over 0.1 percent, as Occidental Petroleum raised the cash portion of its cash-and-stock bid worth 38 billion U.S. dollars for the U.S. oil and gas giant.
The move came as an effort to persuade Anadarko to give up on a proposed acquisition by U.S. multinational energy giant Chevron.
The three major indexes recovered most of their lost grounds after steep tumbles earlier on Monday.
Around Monday's close, the Dow was down 66.47 points, or 0.25 percent, to 26,438.48. The S&P 500 fell 13.17 points, or 0.45 percent, to 2,932.47. The Nasdaq Composite Index slid 40.71 points, or 0.50 percent, to 8,123.29.
More specifically, the Dow offset around 85 percent of an initial plunge of over 470 points, which reflected a broad panic among investors over worsening global trade tensions. Enditem
