U.S. stocks closed deeply in the red after China allowed its currency to fall sharply against the dollar, intensifying the trade war between the two countries. The Dow Jones Industrial Average fell about 750 points, or 2.9%, leaving it at 25,724. The S&P 500 closed at 2,847, down 85 points or 2.91%. The Nasdaq lost 3.5%, closing at 7,727, down 279 points. Apple Inc.(AAPL) was a notable loser, closing down more than 5%, as investors worried about its exposure to China's manufacturing sector and its appeal to that country's consumers. Even utilities declined: the Utilities Select Sector SPDR Fund [s:XLU] lost 1.31% for the day.
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 05, 2019 16:36 ET (20:36 GMT)
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