Mumbai, Jan. 21 -- The Dow slumped 870.74 points (1.8%) to 48,488.59, the Nasdaq plunged 561.07 points (2.4%) to 22,954.32 and the S&P 500 tumbled 143.15 points (2.1%) to 6,796.86.

A sharp sell-off hit Wall Street as renewed fears of a trade war between the U.S. and Europe emerged following President Donald Trump's push to purchase Greenland. Trump announced plans on Truth Social to impose a 10% tariff on imports from several European nations, including Denmark, France, Germany, and the U.K., starting February 1, rising to 25% by June unless the U.S. secures the territory he calls vital for national security.

"Comments from the U.S. president that there is 'no going back' on Greenland have sent U.S. indices down sharply today," said AJ ...