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| Dow Jones drops more than 500 points, adding to week’s steep losses on US markets | |
| (32 minutes later) | |
| US stocks saw another huge selloff on Wednesday, with the Dow Jones Industrial Average losing more than 560 points, or 2.2 percent, just days after the worst day of the year on Wall Street. | |
| The S&P 500 index, representing America’s 500 biggest corporations, also fell 1.9 percent, which brought both the Dow and S&P 500 down more than five percent for the month. | |
| The Nasdaq Composite traded 1.7% lower. The tech-heavy index is down a hefty 5.8% for August. | |
| Investors are signaling a general return to safe-haven assets, with increased trading in government bonds and gold reaching a more than a six-year high of $1,510.25 an ounce. | |
| Experts explain this with an ever increasing concern over the escalating US-China trade war and its impact on the global economy. | |
| "There are two factors that are causing this reversal in market - rates are falling and gold is moving higher. Investors are very much concerned about the trade war and its expansion and that's certainly being manifested in the price to gold,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York, said, adding that nonetheless “investors need to be prudent and cautious.” | |
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