US stocks and dollar tumble as Trump renews attacks on Fed Chair Powell
US stocks and the dollar have dropped sharply as United States President Donald Trump’s attacks on the chief of the US central bank shake investors’ confidence in the world’s top economy.
The benchmark S&P 500 fell 2.36 percent on Monday, one of the steepest one-day declines of the year.The tech-heavy Nasdaq Composite tumbled 2.55 percent, dragging the index down nearly 18 percent from its position at the start of the year.
The dollar fell to a three-year low, at one point weakening to 97.923 against a basket of major currencies.
US government bonds also fell as investors sold off the traditional safe-haven assets, with the yield on 10-year Treasury notes rising above 4.4 percent.
Asian markets opened broadly lower on Tuesday, with Japan’s Nikkei 225, Hong Kong’s Hang Seng Index and Taiwan’s TAIEX down about 0.8 percent, 0.6 percent and 0.5 percent, respectively, as of 02:00 GMT.
