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US stocks slide 3% as recession fears grip markets

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Trump blames Fed for economic woes, saying the US central bank is a bigger threat than China and is ‘clueless’

Traders work before the closing bell at the New York Stock Exchange in New York, the US, August 14 2019. Picture: JOHANNES EISELE / AFP

The Dow Jones Industrial Average fell 800.49 points, or 3.05%, to 25,479.42, the S&P 500 lost 85.72 points, or 2.93%, to 2,840.6, and the Nasdaq Composite dropped 242.42 points, or 3.02%, to 7,773.94. Dire economic data from China and Germany suggested a faltering global economy, stricken by the increasingly belligerent US-China trade war, Brexit woes and geopolitical tensions.

“Even if it is accurate in foreshadowing a recession, that doesn’t mean it’s coming tomorrow,” he added.Macy’s shares plunged 13.2% after the department store operator missed quarterly profit estimates and cut its full-year earnings estimates.A US House of Representatives oversight panel called on Mylan NV and Teva Pharmaceutical Industries to turn over documents as part of a review into generic drug price increases.Facebook slid 4.

 

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