US Stocks Capsize, Worst in 2019



US Wall Street’s major indexes tumbled on Monday, with the benchmark S&P 500 dropping about 3%, as a fall in the yuan following U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked fears of a further escalation of the U.S.-China trade war.
The Dow Jones Industrial Average .DJI fell 767.27 points, or 2.9%, to 25,717.74, the S&P 500 .SPX lost 87.31 points, or 2.98%, to 2,844.74.
The tech-heavy Nasdaq composite fell the most of the major indexes, losing 278 points, or 3.47%, to finish at 7,726, USA Today reported.
In value terms, the decline amounted to a $766 billion paper loss for the index, according to Refinitiv data. The S&P 500 has fallen for six consecutive sessions and is now about 6% below its record closing high on July 26.
China allowed the yuan to drop to seven per U.S. dollar, an 11-year low and a politically sensitive level. A weaker Chinese currency can help boost that country’s exports by making them cheaper while hurting foreign competition.
“Trade continues to trend in the wrong direction … any hopes of a quick resolution with China are fading quickly,” said Ryan Detrick, senior market strategist for LPL Financial.
US Stocks Capsize, Worst in 2019 US Stocks Capsize, Worst in 2019 Reviewed by worldforummedia on August 08, 2019 Rating: 5

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