Wall St. sinks as yuan slide inflames U.S.-China trade dispute

A trader works on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 5, 2019

NEW YORK: Wall Street's major indexes posted their biggest percentage drop of the year on Monday,as a fall in the yuan following U.S. President Donald Trump's vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the U.S.-China trade war.

While stocks pared losses in the last hour of trading to finish off their session lows,the benchmark S&P 500 fell about 3% to notch its biggest one-day percentage decline since Dec. 4. The decline amounted to a $766 billion paper loss for the index,according to Refinitiv data. The S&P 500 has fallen for six consecutive sessions and is now about 6% below its record closing high on July 26.