Dow ends bruising session 2.3% lower on trade war fears

Stocks dive then recover somewhat as U.S.-China trade war escalates

A logo for the New York Stock Exchange is displayed above the trading floor

"These are not things Wall Street likes". Optimism about the world economy has helped many tech companies make huge gains in the previous year. Apple lost 2 percent and JPMorgan Chase gave up 2.9 percent.

The June gold contract was up $2.40 to $1,339.70 an ounce and the May copper contract was down six cents to $3.00 a pound.

In the US, financials (-0.8%), industrials (-0.7%) and health care (-0.6%) are early laggards.

At the closing bell Friday, the Dow was 10 percent below the all-time high it reached in January. Boeing rose $7.46, or 2.3 percent, to $334.90 after a 1-percent drop.

Health care companies also declined. The Nasdaq composite dropped 161 points, or 2.3 percent, to 6,915. US total nonfarm payroll employment edged up by 103,000 in March, way below market consensus of an increase of 193,000 jobs, the US Labor Department said on Friday.

Unemployment remains steady, and the rate stayed at 4.1%. Brent crude, used to price global oils, rose 30 cents to $68.32 per barrel in London.

BONDS: Bond prices dipped.

The yield on the benchmark 10-year Treasury note settled at 2.830%, up from 2.788% on Wednesday. The lower yields mean banks can't make as much money from lending, and that send bank stocks lower.

During the regular session, the Dow .DJI and the S&P 500 .SPX posted gains for a third day in a row, the longest streak in about a month, as investors' worries of an escalating trade conflict between the United States and China began to ease. Nike picked up 92 cents, or 1.3 percent, to $69.34. Copper fell 2 cents to $3.06 a pound.

CURRENCIES: The dollar rose to 107.39 yen from 106.74 yen The euro fell to $1.2242 from $1.2280. Caterpillar, which made a small gain Wednesday, rose another $2.66, or 1.8 percent, to $147.84.

The S&P 500 index showed four new 52-week highs and one new low, while the Nasdaq recorded 47 new highs and 24 new lows.

Stocks added to losses and hit session lows in afternoon trading after Federal Reserve Chairman Jerome Powell said the USA central bank will likely need to keep hiking interest rates to keep inflation under control and said it was too soon to know if rising trade tensions would hit the US economy.

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