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8/5, 10:00 PM (Source: TeleTrader)
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Dow closes over 750 pts in red on worst day of 2019

Wall Street closed with deep losses on Monday, albeit losing somewhat less than close to 1000 points earlier in the session, as trade tensions between the United States and China spilled over to currency exchange rates, as Beijing allowed its yuan to freefall to its 11-year low. President Donald Trump called out China for the move which was interpreted as the first in an arsenal of retaliatory measures by China, after Washington announced a 10% tariff on its goods starting in less than a month. Furthermore, despite starting with purchases of US farm goods last week, Chinese firms have stopped doing so, the country's state media revealed, and some of the products already bought could be tariffed.

The Dow Jones Industrial Average index fell 766 points at the closing bell, or 2.89%, as Apple contracted 5.31%.

The Nasdaq 100 tumbled 3.60%, with Ctrip.com, a Chinese travel agency, as the worst performer, down 8.07%. The S&P 500 decreased by 2.98% at the end of the session. Valero Energy led the losses with a 7.66% decline.

The euro spiked 0.79% against the dollar at 4:02 pm ET, going for $1.11964.

Breaking the News / NI