Stocks closed lower

Image Credit: Google  Image Credit: Google 

Stocks close lower, major averages on pace for weekly declines as recession fears mount

Image Credit: Google 

Stocks closed lower on Friday, with the major averages on pace for weekly declines as recession fears mount.

Image Credit: Google 

The Dow Jones Industrial Average fell 0.4 percent, while the S&P 500 and Nasdaq Composite both slid 0.3 percent.

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For the week, the Dow was down 1.6 percent, while the S&P 500 and Nasdaq declined 1.4 percent and 1.8 percent, respectively.

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The selling in equities came as investors continued to monitor the ongoing trade war between the U.S. and China.

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The two countries imposed new tariffs on each other's goods this week, with the U.S. raising duties on $200 billion worth of Chinese imports to 25 percent from 10 percent.

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In response, China said it would raise tariffs on $60 billion worth of U.S. goods, effective June 1.

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The trade war has stoked fears of a global economic slowdown and led investors to seek safety in government bonds, sending yields lower.

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Image Credit: Google 

The yield on the 10-year Treasury fell to 2.37 percent on Friday, its lowest level since September 2017.

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In corporate news, shares of Tesla (TSLA) were volatile after the electric car maker announced it was cutting prices on its vehicles by up to 6 percent.

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