Dow plunges 767 points and Apple sheds $45.7 BILLION of its value as China retaliates in trade warGlobal shares fell sharply Monday after China let its currency to sink to an 11-year low against the dollar, fueling concern that Beijing is using the yuan as a weaponThe Dow was off more than 767 points, a near record for a single day’s lossesPresident Trump suggested the Fed should respond to Chinese ‘currency manipulation’ with more aggressive rate cuts ‘Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!’ he saidTrump has proposed new tariffs on $300 billion of Chinese goods, spooking tech analysts who warned it could depress demand for the iPhoneApple Inc. lost more than 5 per cent of its value in a single day, wiping off $45.7 billion, amid a massive tech stock selloff
Stocks plunged Monday on Wall Street as traders worried that about how much President Donald Trump’s escalating trade war with China will damage the U.S. economy.
The Dow Jones Industrial Index was down 767 points before the end of trading, near the level of its biggest one-day selloff ever.
That record loss, just 10 points greater than Monday’s, came a month ago – one of a series of corrections that the White House has brushed off as aberrations in an otherwise strong market trend.
China let its currency, the yuan, drop to its lowest level against the dollar in more than a decade nefore trading started Monday in New York, a move that Trump railed against as ‘currency manipulation.’
A weaker yuan and a stronger dollar pose challenges for U.S. companies that