Norway Speed Record & US Asset Sell-Off: Latest Financial News
Wall Street experienced a sharp downturn Friday, with the Dow Jones Industrial Average falling 5.5 percent – its largest single-day drop since the onset of the COVID-19 pandemic in 2020, according to CNBC. The sell-off followed the first full day of trading after former President Trump announced new tariffs, triggering widespread concern among investors.
The S&P 500 index also plummeted, declining 5.97 percent, marking its steepest fall since June 2020. The Nasdaq Composite fared no better, dropping 5.6 percent after a 6 percent decline on Thursday. The combined impact of these losses has led some analysts to declare an end to the recent bull market.
“The bull market is dead, and it was killed by ideologues and self-sabotage,” said the CEO of Bowerstock Capital Partners, in a statement to CNBC. The executive also expressed concern about the potential consequences of a global trade war on long-term economic growth.
The declines extended beyond U.S. Markets. Oslo Børs closed down five percent Friday, its largest fall since March 2020, according to NTB. The price of oil also decreased sharply, falling over seven percent to $65.50 per barrel as Oslo Børs closed. The Norwegian krone weakened against both the euro and the dollar, depreciating by 15 to 20 øre in a matter of hours.
The turmoil in global markets comes after Trump’s announcement of new tariffs, described by one Dagbladet commentator as leaving the world “lammed.” The move prompted a swift response from the Danish financial community, with reports indicating that Danish companies may be due refunds following a ruling by the U.S. High Court that Trump’s tariffs were illegal.
Recent reports from Finansavisen indicate that a Wall Street veteran is now advising clients to sell all U.S. Assets.
The U.S. High Court’s ruling against the tariffs has been described by one economic editor as a victory for democracy, but not necessarily for businesses. Danish Industry has warned that the reversal of the tariffs could potentially worsen the situation.