Monday against the latest round of U.S. tariffs by allowing its tightly
controlled currency to slide to an 11-year low against the dollar. The move
provoked the ire of President Trump, who believes that Beijing unfairly suppresses
the value of the yuan to bolster Chinese exporters at the expense of the United
States. It also rattled investors who’d just come away from the market’s worst
week of 2019.
All 11 market sectors went negative Monday, with technology, financial services, and energy the hardest hit. Even defensive sector consumer staples took a punch. All 30 Dow stocks fell.
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