9/3/2019, 4:11 PM (Source: TeleTrader)
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Dow sinks more than 400 points on Trump's threats

Fears on Wall Street about the escalation of the trade war between the United States and China sent investors toward safe havens like Treasury debt securities and precious metals, while oil tumbled. The Dow Jones Industrial Average index, the oldest and most popular equity gauge on Wall Street, dipped below 26,000 for the first time in five days. It lost more than four hundred points at the session low of 25,978.22.

President Donald Trump sharpened his rhetoric against the most populous nation but he also severely criticized the European Union and Germany for interest rate and currency policy. He didn't fail to slam the US Federal Reserve either, saying it "fails to act." The first contraction in domestic manufacturing in three years, measured by the Institute for Supply Management, worsened the sentiment.

The Dow was 1.53% in the hole at 25,998.13 points at 10:09 am ET as Boeing sunk 3.13% as the biggest component and the one among the most exposed to China. The Nasdaq 100 lost 1.1% with Wynn Resorts at the bottom of the pile, down 4.76%. The S&P 500 fell 1.13%. Gold surged 0.98% to $1,544.35 per ounce and silver spiked 2.44% to $18.92 for one troy ounce, the highest mark since November 2016. The euro was flat at $1.097.07.

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