U.S. stocks plunged to their worst loss of the year Monday, and investors around the world scrambled to sell on worries about how much President Donald Trump's worsening trade war will damage the global economy.
China let its currency, the yuan, drop to its lowest level against the dollar in more than a decade, a move that Trump railed against as "currency manipulation." It also halted purchases of U.S. farm products. The moves follow Trump's tweets from last week that threatened tariffs on about $300 billion of Chinese goods, which would extend tariffs across almost all Chinese imports.
The S&P 500 dropped 87.31 points, or 3%, to 2,844.74.
The Dow Jones Industrial Average lost 767.27, or 2.9%, to 25,717.74.
The Nasdaq composite fell 278.03, or 3.5%, to 7,726.04.
The Russell 2000 index of smaller companies gave up 46.25, or 3%, to 1,487.41.
For the year:
The S&P 500 is up 337.89 points, or 13.5%.
The Dow is up 2,390.28 points, or 10.2%.
The Nasdaq is up 1,090.76 points, or 16.4%.
The Russell 2000 is up 138.85 points, or 10.3%.