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Market Drops on Trade War Escalation: Dow Closes Down 767



photo collage / Lynxotic

Does over 925 points lost by the Dow Jones Industrial Average intraday qualify as a Market Crash? With the NASDAQ down over 4% and Bonds at record low yields, and the Chinese Yuan breaking the psychologically important 7 to 1 barrier against the dollar, it appears the Trade War is getting serious indeed. The Dow closed for the day down 767 points.

After Trump’s now infamous tweet, late last week, that set markets in the US tumbling, now, China’s immediate retaliation plans have been revealed, pushing the markets into a tailspin.

Lowering the currency exchange rate has the effect of countering the tariff by increasing the number of yuan generated by dollar denominated exports. Naturally there are more complex peripheral and ancillary effects that will be debated by economists until the end of time. The People’s Bank, for what it’s worth, claimed that the drop was “driven and determined” by market forces.<p>The yuan is now at its lowest point relative to the dollar since 2008.

The NASDAQ and tech stocks are now down for the sixth straight day. A man who at his inauguration spoke of “the end of American carnage”, and who touts his ability to conjure up stock market gains is now facing a serious problem, in addition to his legal and political woes.

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