The Dow dropped 767 points after China devalued its currency in an escalation of the trade war with the US. It fell as many as 961 points Monday.
New York A dramatic escalation of the trade war between the United States and China sparked a worldwide sell-off in markets on Monday. The Dow closed down 767 points, and the Nasdaq Composite — a proxy for the technology companies that will be most harmed by a trade war — suffered its longest losing streak since November 2016.The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday.
The Nasdaq Composite finished down 3.5%, its biggest decline since October 24, 2018. The Nasdaq also logged its longest losing streak since November 2016, when it fell for nine-consecutive days in the lead-up to the presidential election.Last week, the S&P 500 and the Nasdaq Composite logged their worst week of the year last week.Hit particularly hard were tech stocks. Apple , Intel , Microsoft , Nvidia and Advanced Micro Devices were among the biggest losers on Monday.
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