Hawaii stocks fall as Wall Street takes dive over China trade war concerns
HONOLULU, Hawaii (HawaiiNewsNow) - Wall Street took a dive on trade war concerns, and Hawaii stocks provided a microcosm of what happened on the New York Stock Exchange.
The Dow fell 300, and then 400, and then 500 points, a 2% drop that wiped out all the gains of the entire third quarter.
Stock market analysts said traders were already concerned about lack of resolution of the Trump trade war, but those concerns increased after a number of companies reported missing sales target and blamed the trade war.
A secondary concern is that tariffs will slow overall economic growth, potentially affecting even companies that don’t trade with China.
Among Hawaii stocks, declines of 3% or more were seen in shares of Hawaiian Airlines and Matson.
Other Hawaii companies were down less than the Dow, in percentage terms.
The Big Three airlines — Delta, American and United — were down 6% for much of the trading session, a notable dive given that they could benefit from cheaper jet fuel, and crude oil fell almost to $52 a barrel on expectations of slower economic growth and slacker oil demand.
Copyright 2019 Hawaii News Now. All rights reserved.