Dow plunges as China punches back in trade war

[sandensea]

The Dow Jones Industrial Average tumbled nearly 700 points Monday as China hit back at President Donald Trump's move to accelerate tariffs on China-made goods by allowing the yuan to slip to the lowest levels against the dollar in more than a decade.

The Dow Jones Industrial Average fell 695 points, or 2.6%, to 25,789. The S&P 500, which last week had its worst week of the year, fell 2.62%, and the Nasdaq dropped 3.21%.

The decline Monday was the Dow's biggest single day decline of the year and the most since Dec. 4, 2018.

The People's Bank of China, the country's central bank, let the so-called onshore yuan fall past the psychologically important threshold of 7 in early Monday trading, citing in a statement "unilateralism and protectionism," as well as the expectation of additional tariffs from the United States.

At: https://www.thestreet.com/markets/dow-plunges-as-china-retaliates-on-trade-by-devaluing-its-currency-15044583

[Hoyt]

1. trump is sinking in the swamp right now. I would not be surprised to see him pull out of 2020 race

next summer from pressure of GOP House, Senate, and local governments, if things keep deteriorating. He has to look like a pile of crud to many GOPers facing election right now, not that they won't vote for him if it comes down to it.

[sandensea]

2. Absolutely.

I for one wouldn't be surprised to see him try to stage some 'attack' in the near future.

With the requisite Iranian passport found miraculously intact, of course.

[Auggie]

3. I'll bet a lot of delporables are profiting from this by selling short ...

Trump's buddies in Russia and Saudi Arabia, for example.

[sandensea]

4. And Cheeto himself

Every time the fat bastard uses Twitter to give the market jitters, you can bet he (and his in-bred family) loaded up on put options.

[Auggie]

5. Of course!

[lunasun]

6. I think so too . I wish I had their $ to play, it's getting so predictable