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Stocks - Wall Street Plunges as Trumps Tells US Companies to Leave China

Published 2019-08-23, 03:49 p/m
Updated 2019-09-12, 02:12 p/m
© Reuters.

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Twenty-nine of the 30 Dow stocks were lower, with the Boeing Co (NYSE:BA), the sole gainer, up 1.1%. Apple (NASDAQ:AAPL) was the biggest loser.

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Only Intuit (NASDAQ:INTU) and NetEase Inc (NASDAQ:NTES) finished in the black among Nasdaq-100 stocks, with Hasbro (NASDAQ:HAS), AMD and Alexion Pharmaceuticals Inc (NASDAQ:ALXN) the biggest losers.

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Just nine S&P 500 stocks were higher, led by Salesforce.com Inc (NYSE:CRM), Newmont Goldcorp (NYSE:NEM), Intuit (NASDAQ:INTU) and Boeing (NYSE:BA). Foot Locker (NYSE:FL), which reported very disappointing earnings Friday, L Brands (NYSE:LB) and Hasbro (NASDAQ:HAS) were the weakest S&P 500 performers.

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While the major averages are sporting yearly gains of more than 10%, the market continues to be buffeted from volatility in large because of the increasingly tense U.S.-China trade battle and President Trump's angry tweets.

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The Dow has seen six daily losses of 280 points or more in August alone.

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Friday's selloff wiped out weekly gains for much of the U.S. stock market. The S&P 500 was off 1.4%, with the Dow dropping 1% and the Nasdaq 1.8%.

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With a week to go in August, the S&P 500 is down 4.47%, with the Dow down 4.6% and the Nasdaq off 5.2%. August is likely to be the second-worst month of the year for the indexes.

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