- Stocks plummetedacross the board Tuesday

dropping 551 points,wiping out all the gains

the market made in 2018.

Tech stocks led thedrop off and it filtered

through the rest of the market.

Facebook, Amazon, Apple,Netflix and Google's

parent company, Alphabetwere all down Tuesday.

Those companies losinga combined $822 billion

in market value since August.

- Technology companiesare down again today.

Oil prices are falling again.

Today we also have weakresults from a couple

of different retailers.

- [Charlene] NationalEconomic Council Director

Larry Kudlow toldreporters he isn't worried.

- You got roughly a monthleft and then so we'll

see how the year ends.

Again, I will say,

as it did earlier,

economy's very sound.

- [Charlene] Observerssay global fears of a US

trade war with China arefueling the market's drop.

The two countries haveraised tariffs on billions

of dollars of each others' goods

in a fight over China's technology policy.

- There was hope for a lotof this year that the US

and China were going towork out their problems

without too much difficulty.

And now with thepossibility of a lot tariffs

rising at the beginning of next year

people are concerned thatthis is actually going to

drag on a lot longer.

Then it might have apronounced effect on the global

economy which could reallyaffect a lot of companies

and could affect the market in general,

in a more serious way.

- [Charlene] Oil and gasstocks also took a hit.

Oil prices tumbled another 6.6 percent

as Wall Street reactedto rising oil supplies.

Some say that thisindicates an increased risk

of recession but Kudlowsays the economy is strong.

- Keep the faith.

It's a very strong economy.

Recession is so far in thedistance I can't see it.

- Meanwhile, PresidentTrump blames the Fed

for raising interestrates and putting a drag

on economic growth.

Charlene Aaron, CBN News.