Amid the worsening trade dispute between the U.S. and China,... global shares plunged on Monday with the Dow Jones and S&P 500 tumbling more than two percent.
South Korean shares also dropped on the first day of the trading week,... while South Korea's local currency traded at its lowest point against the greenback in over two years.
Kim Hyo-sun reports.
Shares prices plummeted around the world on Monday following China's retaliatory tariffs on U.S. imports worth 60 billion U.S. dollars,... signaling an escalation in the trade war between the world's two largest economies.
The Dow Jones Industrial Average and S&P 500 closed 2-point-38 and 2-point-41 percent lower on Monday,... as investors dumped trade-sensitive shares.
The Dow was even down more than 700 points, or nearly three percent, in the afternoon,... with global aircraft manufacturer Boeing and equipment and machinery giant Caterpillar falling the most.
Both companies get a significant amount of revenue from China and could lose heavily if the trade war lingers.
Intel and Apple also dropped as 25 and 18 percent of their revenue comes from China, according to FactSet data.
The plunge in Apple shares also came after the U.S. Supreme Court ruled that consumers are now able to pursue an antitrust lawsuit against the company for exerting monopoly power through its App Store.
The S&P 500 and tech-heavy Nasdaq Composite had their worst day of the year.
Major European stock markets also slid with the pan-European STOXX 600 index dropping 1-point-2 percent.
At their close, Frankfurt's DAX and Paris' CAC 40 dropped 1-point-52 and 1-point-22 percent, respectively.
Kim Hyo-sun, Arirang News.