US stocks end lower as the trade dispute escalates

US stocks tumbled today, resuming declines as trade tensions between Washington and Beijing intensified, to post weekly losses amid pressure on the energy and technology sectors.

The US administration announced a 25% increase in tariffs on imports of Chinese goods worth $200 billion, which led Beijing to respond with an increase in tariffs by 25% as well starting from next June.

In addition, the United States announced yesterday a ban on US companies from installing Huawei's technology and equipment, to their risks on national security.

On the other hand, the US consumer confidence index rose to 102.4 points this month, its highest level in 15 years.

To the oil market, West Texas dropped 0.2% to close at $62.76 a barrel, notching a weekly gain by 1.8%, while the day's highest at $63.6 and the lowest at $62.5.

Brent fell 0.6% to close at $72.21 a barrel, and gained 2.3% this week, with a high of $73.2 and a low of $71.7.

At the end of the last session of the week, Dow Jones fell 0.4% (98 points) to close at 25,764 points, recording a weekly loss of 0.7%. the session reached a high of 25,948 points and a low of 25,657 points.

Nasdaq slipped 1% (81 points) to 7,816 points, and hit a weekly loss of 1.3%, while the highest level at 7,918 points and the lowest level at 7,810 points.

Standard & Poor's fell 0.6% (16 points) to 2,859 points, with a weekly loss of 0.8%, while the session's highest at 2,885 and the lowest at 2,854.