Dow drops 600 points, reversing gains from China trade truce

U.S. stocks tumbled in Tuesday trading, erasing much of the market’s gain from the day before when Wall Street celebrated news of a truce in the U.S.-China trade fight.

The celebration may have been premature, as experts warned that the two countries remain far apart in ironing out key disputes over tariffs as well as protection of technology secrets and intellectual property. President Trump even reminded his Twitter followers Tuesday morning: “I am a Tariff Man.”

The Dow Jones industrial average sank nearly 600 points, or 2 percent, to 25,245. The S&P 500 and Nasdaq composite indexes also both fell more than 2 percent    

Losses in banks, technology and industrial stocks outweighed gains elsewhere Tuesday. Apple lost 2.2 percent, for instance, while Bank of America slumped 3.7 percent. Small-company stocks fell more than the rest of the market.

Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.