7/17, 10:01 PM (Source: TeleTrader)
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Dow closes down 100pts after Fed's Beige Book

Stocks on Wall Street finished the Wednesday's trading session in the red after the release of the Federal Reserve's Beige Book. The central bank maintained its outlook for the United States' economic growth but warned of the trade war-related uncertainties affecting business. The International Monetary Fund warned that the greenback was overvalued by between 6% and 12%. Meanwhile, the head of the China Communist Party-backed newspaper wrote Beijing demanded Washington remove "all additional tariffs."

The Dow Jones Industrial Average fell 0.42% at the closing bell, as Caterpillar Inc. lost 2.42%. The Nasdaq slid 0.48% with CSX Corp. losing 10.27%. The S&P 500 dropped 0.65%, weighted on by the transportation industry.

The euro was up 0.13% to $1.12250 at 3:59 pm ET, while the pound increased 0.22% to $1.24343 at the same time.

Breaking the News / MD