Economic security

Dow drops 459 points as Amazon tumbles, trade war fears rise


The Dow closed down 459 points on Monday. The Nasdaq plunged almost 3% and dropped into the red for the year. Heavy selling in tech stocks left the Nasdaq just shy of correction territory, 10% below its all-time closing high.
At one point, the Dow was down as much as 758 points, a brutal first day of trading for the second quarter of 2018. Market analysts blamed the sell-off on concerns about trade tensions and President Trump's attacks on Amazon.
Amazon (AMZN), one of the biggest drivers of the 2017 market rally, tumbled 5%, wiping out more than $36 billion of its market value.
Trump once again accused Amazon of taking advantage of the US Postal Service, and he suggested that Amazon does not pay its fair share of tax.
In fact, Amazon pays the same lower rate that the post office charges other bulk shippers, and it collects sales tax in every state that charges it. Amazon does not collect sales tax on purchases made from third-party vendors.