The Dow closed-767 points down today after China retaliated against the Trump administration by devaluating the yuan. The sell-off continues from last week after Trump ordered a new round of tariffs on Chinese goods. This is the fifth straight day the DOW has closed in the red.
Currently, the Nasdaq could fall for a sixth straight session, making it the longest losing streak since late 2016.
The S&P is also set to fall for a for a fifth straight day in the red.
Peter Boockvar, chief investment officer at Bleakley Advisory Group commented:
“Now we have a trade situation that is going off the rails as the side effects multiply due to the ramping up of the use of tariffs and we are only further apart from any resolution with the Chinese. “The policy of using tariffs as a tool to address our legitimate beefs with the Chinese has failed miserably.”
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!— Donald J. Trump (@realDonaldTrump) August 5, 2019
The ‘Tariff Wars’ have slowed global growth and have hurt American farmers and consumers.