Dow slides nearly 400 pts, falling yields in focus

Monday, 12. August 2019 22:00

Stocks on Wall Street finished the session on Monday in the red as bond yields resumed their decline. Concerns over a global economic slowdown boosted precious metals, while stocks took a dive with declines in all sectors.

As the trade war between China and the United States persists, additional tensions in the form of mass protests in Hong Kong added to the gloom. Hong Kong International Airport was closed as protesters flooded the airport. Washington said it is closely watching the situation, urging all parties to "refrain from violence" during protests.

The Dow Jones lost 391 points at the close as Goldman Sachs and Pfizer led the losses. Meanwhile, the S&P 500 sank 1.23% with biopharmaceutical company Nektar Therapeutics tanking over 11% on quarterly earnings. The tech-heavy Nasdaq 100 fell 1.11% at the end of the session; MecadoLibre was the biggest loser, plunging over 9%, followed by Symantec and Advanced Micro Devices.

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Author:
Breaking the News / JC