BREAKING: Stocks plunge around the world as US-China trade war worsens, threatening global economy; Dow sinks 800 points, or 3%.
Stocks are plunging on Wall Street after China let its currency sink to the lowest level in more than a decade, escalating its trade war with the U.S.Technology companies and banks fell the most. Apple and Bank of America each fell 5%.China’s central bank allowed the yuan to sink below seven per dollar. Investors are concerned that Beijing is using its currency as a weapon in its trade skirmish with Washington.The S&P 500 fell 93 points, or 3.2%, to 2,837. The Nasdaq fell 309 points, or 3.
China’s central bank allowed the yuan’s exchange rate to sink below the politically sensitive level of seven per dollar. Industrial and financial stocks posted the biggest drops early Monday. Apple sank 2.8% and Bank of America dropped 3.5%.
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