S&P 500 sinks 3.5% as Wall Street swings from euphoria back to worries about US-China trade war

NEW YORK (AP) — U.S. stocks surrendered a chunk of their historic gains from the day before as President Donald Trump's trade war continues to threaten the economy. The S&P 500 fell 3.5% Thursday. The Dow Jones Industrial Average dropped 2.5%, and the Nasdaq composite sank 4.3%. China announced more countermeasures against the United States, and losses for stocks accelerated after the White House clarified that it will tax Chinese imports at 145%, not the 125% rate Trump had earlier written about. The swings also hit the bond market despite a better-than-expected report on inflation. U.S. crude oil prices fell…