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8/23, 10:00 PM (Source: TeleTrader)
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Wall Street closes with heavy losses, Dow drops over 600 pts

United States stocks closed deeply in the red on the last trading day of the week as the trade feud between the world's two largest economies continued to devastate markets. China announced earlier in the day that it would impose retaliatory tariffs on $75 billion of US goods, prompting President Donald Trump to demand that American companies look for alternatives to China. He also vowed to respond to the tariffs at an unspecified time during the course of the day, marking an uncertain end to the week for market watchers.

The Dow Jones Industrial Average ended the session 2.35% or 620 points down after briefly hitting lows of 745 points on the back of Apple Inc's losses of 4.62%. The Nasdaq 100 finished 3.10% lower as Hasbro Inc. plunged 8.94% after announcing on Thursday that it would acquire Canadian company Entertainment One for $4 billion. The S&P 500 dropped 2.62% at the closing bell.

The euro jumped 0.62% against the dollar to change hands for 1.1149 at 3:59 pm ET while the British pound rose 0.28% compared to the greenback to go for 1.2288 at the same time.

Breaking the News / DZ