Trump Blames Fed For Economic Woes As Dow Plunges 3.1% In US Stocks Rout

Traders work on the floor of the New York Stock Exchange on August 14, 2019 in New York City. SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFPIt was an ugly day for Wall Street, as stocks plummeted Wednesday amid worsening economic fears after US Treasury yields briefly inverted, flashing a warning sign for a coming recession.

The broad-based S&P 500 slumped 2.9 percent to 2,840.60, while the tech-rich Nasdaq Composite Index dropped 3.0 percent to 7,773.94. The intensifying US trade war with China has been a key factor in the concerns about the slowing global economy, but shortly after the Dow hit bottom, Trump renewed his attacks on the Federal Reserve and its Chairman Jay Powell, whom Trump appointed.

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