Friday, 28 July, 2017

Dow down more than 370 points

Dow down more than 370 points Dow down more than 370 points
Laurie Berry | 19 May, 2017, 16:02

The Dow Jones Industrial Average closed at 20,979.75, down 0.1%.

The sell-off on Wall Street came as ongoing political turmoil in Washington further offset optimism about President Donald Trump's ability to implement tax reform and deregulation.

After moving sharply lower early in the session, stocks continue to see significant weakness in mid-day trading on Wednesday. Bonds, utilities and gold rose as traders shunned riskier assets.

"The market is knee-capping Trump because of his constant crises, that now look potentially terminal", said Eric Schiffer, chief executive of The Patriarch Organization, a Los Angeles-based private-equity firm. "What you're seeing is a classic run toward safety". The S&P 500 bank sub-sector was down 4.5 per cent while the broader financial sector sank 3.4 per cent, led by a 6.2 per cent decline in Bank of America stocks and a 4 per cent drop for JPMorgan. The Dow Jones industrial average fell 372 points, and both the Dow and S&P 500 suffered their worst percentage drops since September 9. The tech-heavy Nasdaq index was down more than 2.5 percent.

Bank stocks in particular rallied, as did the stocks of industrial companies, on pledges of rolling back financial regulations and big boosts in infrastructure spending.

Small-company stocks, which would stand to benefit greatly from Trumps' proposed tax cuts, fell more than the rest of the market. They also had risen sharply in the months following the election. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 11.3 basis points to 2.216 percent.

Stocks dropped and foreign currencies gained against the US dollar on Wednesday after reports that Trump reportedly asked then-FBI Director James Comey to drop his investigation into former National Security Adviser Michael Flynn's relationship with Russian Federation.

Jays' Ceciliani headed to DL due to shoulder injury
Camargo wound up in the game, replacing the injured Freeman and remaining at third base, while Peterson shifted over to first. He has six homers, 12 RBIs, an.854 OPS (on-base plus slugging) and has made several highlight-reel catches in centre field.

The White House embraced the notion of a "Trump Rally", and cited the gains as evidence of its immediate effect on the economy.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped more than 20 percent Wednesday, lifting it to its highest level since April 21. Investors shifted into USA government bonds, pushing yields lower, and into gold.

Gold futures rose 1.7 percent to $1,257.60 an ounce, extending gains to a fifth day.

Banks are leading USA stock indexes sharply lower in midday trading as bond yields fall, which will mean lower interest rates on loans.

Crude futures added 1.25 percent, reversing an earlier 1.3 percent loss, with gains accelerating after the release of US government data on inventories.

Unease over the potential implications of the latest political fallout in Washington also weighed on the dollar. The euro strengthened to $1.1150 from $1.1095. The dollar dropped to 111.11 yen from 113.03 yen. The Nasdaq composite fell 49 points, or 0.8 percent, to 6,120. Wholesale gasoline was little changed at $1.60 per gallon. "We may be looking at a higher volatility backdrop with a trending lower market for the next couple of months". The UK's FTSE 100 Index fell 0.3 per cent, Germany's DAX Index weakened 1.4 per cent, while France's CAC40 Index slumped 1.6 per cent. But market analysts still noted the convergence of arguably Washington's most tumultuous week in years and the market swoon. Japan's Nikkei 225 dropped 0.5 percent, while South Korea's Kospi dipped 0.1 percent. Hong Kong's Hang Seng index slipped 0.2 percent.

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