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The Dog Days of Summer are Here

Daily Recap

Stocks took a big hit, starting overnight with a 1.44% decline in the Asia Dow. News of Trump planning to raise tariffs on Chinese goods from 10% to 25% spooked the Shanghai Composite and the Hang Seng indexes, sending them both down 2%. European shares fared little better. Export-dependent Germany saw its share prices on the DAX shed 1.5%; the STOXX 600 itself dropped 0.82%.

US shares followed the same playbook initially, but soon went the other way. The Dow Industrials fell 200 points in the first few minutes of trading, and then began a steady increase that ended up near the unchanged mark. The NASDAQ and S&P 500 were stronger all along, buoyed no doubt by the milestone of Apple becoming the world's first stock to reach $1 trillion in total market value.

The day's big loser was gold, which dropped $7 to new one-year lows of $1209/oz. and with its ... Log in or subscribe to continue reading.

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