US stocks post weekly losses after new round of trade war escalation

Economies.com
2019-08-23 22:03PM UTC

US stocks fell sharply today after a new round of the escalation in ongoing US-China trade war, which resulted in Wall Street suffering from heavy sell-off, especially in the energy and technology sectors.

 

The Chinese government announced today its plans to impose a 10% tariff increase on US imports worth $75 billion, in response to a similar US move.

 

And President Trump nonchalantly ordered US companies to prepare for an alternative to China and said should be prepared to come back home.

 

While he renewed his attack on the Federal Reserve and China via his Twitter account, as he tweeted "who's our bigger enemy, Jerome Powell or President Xi Jinping?"

 

The US Federal Reserve Chairman said today on the sidelines of the Jackson Hole forum that the bank will act with the necessary measures in the appropriate time.

 

In the oil market, WTI fell 2.1% to close at $54.17 a barrel, to post a weekly loss of 1.3%, with an intraday high of $55.6 and a low of $53.2.

 

Brent fell 1% to close at $59.7 a barrel, and posted a weekly loss of 1.2%  with a high of $60.2 and a low of $58.3.

 

Dow Jones shed 2.4% or 623 points to close at 25,629, with a weekly loss of 1%, an intraday high of 26,320 and a low of 25,507.

 

Nasdaq fell by 3% or 239 points to 7,751, with a weekly loss of 1.8%, a high of 8,005 and a low of 7,730.

 

S&P 500 fell by 2.6% or 76 points to 2,847 points, notching a weekly losses of 1.4%, a high of 2,927 and a low of 2,834.

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