Markets see worst drop of 2019 as trade war heats up

The Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 all saw their biggest percentage drops of 2019 on Monday, following a string of declines that started Thursday.

The drops all came after President Trump announced new tariffs on China, and after China responded by devaluing its currency Monday morning to its weakest level in a decade.

The Dow closed down 767 points at the end of the day for a 2.9 percent drop. The tech-heavy Nasdaq meanwhile closed down 278 points, or 3.5 percent, and the S&P 500 went down a total of 87 points, or 3 percent.

Stock futures mostly rebounded Tuesday morning when China’s central bank stabilized the yuan after setting its reference rate lower than the psychologically important level of 7 per dollar.

%d bloggers like this: