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Direct– US stocks suffered heavy losses at the end of Thursday's session, the Dow losing more than 280 points in the face of escalating commercial concerns.
The Dow lost about 300 pips in the trade and plunged after US President Donald Trump announced his intention to impose tariffs of about 10% on the rest of China's imports from next month.
US stocks rose sharply at the start of the session after economic data showed private-sector manufacturing activity in the US hit a three-year low, suggesting a further rate cut of interest before the end of the year.
Unemployment claims in the United States rose more than badysts expected last week.
The Fed yesterday decided to reduce its benchmark interest rate by 25 basis points for the first time in 10 years and announced the anticipated end of the budget cut.
But Fed Chairman Jerome Powell shocked the markets by saying the interest rate cut was only about adapting to economic conditions rather than a change in monetary policy, prompting US equities to record heavy losses at the end of yesterday's session.
US companies continue to report quarterly results as Qualcomm's results exceed expectations, but the outlook is disappointing.
By the end of the session, the Dow Jones Industrial Average had fallen about 1% to 2653.4 points, losing 280.8 points.
The Standard & Poor's dropped 0.9% to 2,953.5 points and the Nasdaq lost 0.8% to 8,111.1 points.
At 20:05 GMT, the dollar benchmark, which measures the performance of the currency against the six major currencies, fell 0.2% to 98,370.
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