The indices on the New York Stock Exchange yesterday went down due to economic concerns with heavy losses from trading. The Dow Jones Industrial Index lost 800.49 points or 3.05 percent to 25,479.42 units. The S & P 500 index fell 85.72 points or 2.93 percent to 2,840.60 points. The Nasdaq Composite Index fell 242.42 units or 3.02 percent to 7,773.94 points.The exchanges also suffered heavy losses in Europe. In Vienna, the ATX traded 1.67 percent lower at 2,848.19 points.
The positive consequences of the relaxation in the trade dispute between the US and China due to the postponement of new tariffs have thereby disappeared. The day before, the New York stock indices still made clear gains. The US government sees no agreement in the trade war with China in sight. The People’s Republic has made no new concessions in recent talks, said US Secretary of Commerce Wilbur Ross.
Concern for German economic engine
Bad sentiment also caused Germany’s economic output to fall by 0.1% from April to June. Many economists expect a decline for the current quarter as well – that would be a technical recession. This could be prevented by the „correct measures“, so calmed Minister of Economic Affairs Peter Altmaier (CDU). But experts have doubts.
