Specialists Paul Cosentino, left, and Jeffrey Berger work on the floor of the New York Stock Exchange, Monday, Aug. 5, 2019. U.S. stocks nosedived in early trading on Wall Street Monday as China's currency fell sharply and stoked fears that the trade war between the world's two largest economies would continue escalating. (AP Photo/Richard Drew)

Stocks have worst day of 2019, Dow plunges more than 760 points

August 05, 2019 - 2:43 pm
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NEW YORK (AP) — Stocks plunged on Wall Street on Monday after China let its currency sink to the lowest level in more than a decade, escalating its trade war with the U.S.

The Dow Jones Industrial Average plunged 760 points -- its worst drop of the year.

Nasdaq sliding nearly 3.5% and S&P falling nearly 3%.

Technology companies and banks fell the most. Apple and Bank of America each fell 5%.

Bond prices soared, sending yields sharply lower, as investors sought safety.

China's central bank allowed the yuan to sink below seven per dollar. Investors are concerned that Beijing is using its currency as a weapon in its trade skirmish with Washington.