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US stocks recorded biggest daily fall on sluggish global economy

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US stocks has seeing massive sales following fears of a recession that has gripped the market after the US Treasury bond yields fluctuated temporarily, for the first time in 12 years.

The top three US indices closed about three percent lower, with Dow’s high-end stocks recording the biggest daily decline since October after 2-year Treasury bond returns surpassed 10-year Treasury bond returns, which is considered a classic recession signal.

The unfavorable economic data from China and Germany suggest a sluggish global economy, amid a growing US-China trade war, Brexit and geopolitical tensions.

Germany reported a contraction in the second quarter Gross Domestic Product (GDP), and China’s industrial growth in July reached its lowest level in 17 years.

“Everything was negative and not much positive today,” said Chuck Carlson, Chief Executive Officer at Horizon Investment Services in Hammond, Indiana.

The Dow Jones Industrial Average fell by 800.49 points or 3.05 percent to 25,479.42.

The S&P 500 fell 85.72 points or 2.93 percent to 2,840.6.

The Nasdaq Composite fell 242.42 points or 3.02 percent to 7,773.94.

More than 300 components of the S&P 500 dropped 10 percent or higher from 52 weeks earlier, according to Refinitiv data.

A total of 8.68 billion shares changed hands compared to 7.47 billion average 20 days ago.

Read also: US Congress adopts new budget package

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