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Markets Right Now: Stocks sink as China's currency falls

NEW YORK — The latest on developments in financial markets (all times local):

9:35 a.m.

Stocks are falling sharply on Wall Street after China let its currency sink to the lowest level in more than a decade, escalating its trade battle with the U.S.

Industrial and financial stocks posted the biggest drops early Monday. Apple sank 2.8% and Bank of America dropped 3.5%.

China’s central bank allowed the yuan’s exchange rate to sink below the politically sensitive level of seven per dollar.

Investors are concerned that Beijing is using its currency in an escalating trade war with U.S. President Donald Trump.

The S&P 500 fell 51 points, or 1.8%, to 2,880.

The Dow Jones Industrial Average lost 459 points, or 1.7%, to 26,017. The Nasdaq fell 185 points, or 2.3%, to 7,819.

Bond prices rose sharply. The yield on the 10-year Treasury fell to 1.77%.

The Associated Press