US stocks whipsaw as trade war concerns mount

US stocks closed a volatile day of trading on Tuesday to deepen losses as investors struggled with mounting concerns about the US-China trade war, following Fed Chair Jerome Powell's remarks.

The US administration announced the blacklist of 28 Chinese companies and put visa restrictions on Chinese officials to enter the US due to Beijing’s human rights violations and the abuse of Muslim ethnic minorities.

Otherwise, the US producer price index (PPI) fell by 0.3% in September, which came worse than forecasts of a rise by 0.1%.

The US Federal Reserve Chairman Jerome Powell stressed that the US economy growth can be sustained and inflation is near the Fed's target at 2% despite the global risks.

Which comes amid a division between the Fed's members on the further rate cuts, after it was cut twice this for first time since the 2008 global financial crisis.

Powell added that the Fed will purchase treasury bills to increase liquidity and ease restrictions to increase banks' reserves.

In the oil market, WTI fell by 0.2% to close at $52.63 a barrel, with a season-high of $53.2 and a low of $51.8.

Brent fell by 0.2% to $58.24 a barrel, with a high of $58.9 and a low of $57.3.

Dow Jones lost 1.2% or 314 points to close at 26,164 points, with an intraday high of 26,421 points and a low of 26,139 points.

Nasdaq also shed 1.6% or 123 points to close at 7,823 points, with a high of 7,921 points and a low of 7,823 points.

S&P 500 fell by 1.5% or 45 points to close at 2893 points, with a high of 2925 points and a low of 2892 points.