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Stocks fall sharply on Wall Street amid China currency fears

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Posted at 11:23 AM, Aug 05, 2019
and last updated 2019-08-05 13:23:43-04

NEW YORK (AP) — Stocks are falling sharply on Wall Street after China let its currency sink to the lowest level in more than a decade, escalating its trade battle with the U.S.

Technology and financial stocks posted the biggest drops Monday. Apple sank 4.5% and Bank of America dropped 4.7%.

China's central bank allowed the yuan's exchange rate to sink below the politically sensitive level of seven per dollar.

Investors are concerned that Beijing is using its currency in an escalating trade war with U.S. President Donald Trump.

The S&P 500 fell 68 points, or 2.3%, to 2,863. As of 1:19 p.m ET, the Dow Jones Industrial average is down 2.64 percent or 700.25 points.

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