S&P 500 ends down after latest White House turmoil

by Ben Pena August 21, 2017, 2:00
S&P 500 ends down after latest White House turmoil

"Nothing has changed", a White House official said. It was last down 0.25 percent at 109.31 yen.

Wall Street stocks were in the red all session, initially due to anxiety over rumors White House economic advisor Gary Cohn would resign due to unhappiness over Trump's response to a violent rally by racist groups over the weekend. Rallies in gold and silver and a weakening US dollar also add legitimacy to the concern that investors have. Some in corporate circles also are counting on Cohen to serve as a counterweight to Trump adviser Stephen Bannon, an avowed populist who favors a crackdown on big banks, among other things. He was not a natural fit to be Trump's top economic adviser because of his ties to Wall Street and New York Democrats, but Trump saw him as incredibly successful and a financial market "genius" who brought instant credibility to his economic team.

"This is the first time where we have a political event that directly impacts the economy".

U.S stocks sold off on Thursday, with the S&P 500 hitting its lowest level in a month, as escalating worries about the Trump administration's ability to push through its agenda rattled investors. It rose almost 1 percent against the dollar as nervousness over stock market valuations and the future of an eight-year global rally seeped into other assets.

The dollar index, which measures the greenback against six major peers, was down 0.17 percent at 93.462 in late trading.

Death toll in Nepal landslides, floods rises to 49
The meteorological department forecast that central and western plains were likely to receive heavy rainfall from this evening. A Kathmandu Post report said that public health experts have warned of water-borne epidemic in the flood-hit areas.

Until then, "sentiment may remain the driver for the fluctuations in the markets and could make for good entry opportunity for regional markets", she added.

The S&P 500 posted its biggest one-day percentage loss in about three months on Thursday, with all three major indexes on track to post their worst monthly performance since October.

The yield on the 10-year Treasury note fell to 2.18% by 4 p.m. ET, a 10 basis point drop from the high point early Wednesday.

WTI crude futures for September delivery rose $1.18 to $48.27 a barrel, a 2.5 percent gain. Islamic State has claimed responsibility (http://www.marketwatch.com/story/islamic-state-takes-credit-for-deadly-barcelona-attack-on-pedestrians-2017-08-17) for the terror attack.

Oil prices rose on Friday as the stock market strengthened and the US dollar weakened, but USA crude futures remained on track to close the week down as investors remained anxious about the global oil glut.

Recommended News

TOP News

Indian police arrest four after Game of Thrones leak
He sends a raven to the Citadel where the archmaesters are more than a little skeptical of his tales of the walking dead. Now you must know, beyond this, you'll be reading spoilers so if you don't want to know, might as well skip the story.

Indonesian flag misprint: Jokowi says 'no need to make issue any bigger'
Khairy also visited Imam and the Indonesian delegation this afternoon to personally convey his apologies. On Saturday, immediately after being alerted to the mistake, Khairy tweeted his apology.

Chinese and Indian Military Clashed in the Himalayas
She added that Chinese border troops were always "committed to maintain peace and tranquillity" along the Sino-India border. He said Chinese soldiers had twice tried to enter Indian territory but had been pushed back. "I am not aware of them".

Iran Majlis passes motion in response to U.S. sanctions
President Donald Trump's signing of a sanctions bill on Russia, Iran and the Democratic People's Republic of Korea on August 2. Iran's parliament approved the first step of a bill to boost Tehran's missile program spending, on Sunday.

'Deadpool 2' stuntwoman who died on set reportedly identified
Reynolds heralded an announcement on Twitter a couple of hours after the mischance close to the waterfront in downtown Vancouver. Filming for the movie started not long after in the city of Vancouver, British Columbia, Canada, just two days after her death.

Top US general to meet with South Korean president about crisis
The tests are seen as a milestone in the North's quest to develop a nuclear-tipped missile capable of hitting the USA mainland. Presidential Spokesman Park Soo-hyun said Moon made the call toward Pyongyang during a meeting with U.S.

Costa could return to Chelsea
I've spoken to Chelsea director Marina Granovskaia. "If I'm Liverpool or Everton I'm doing everything I can to sign Diego Costa ". It has really depreciated his value in a market this summer where they could have got an absolute fortune for Diego Costa .

State Reports Its 1st Human Case Of West Nile For 2017
Residents can also mosquito-proof their home by installing or repairing screens on windows and doors to keep mosquitoes out. So far this year, pools of mosquitoes tested positive for the West Nile Virus in Fulton, Livingston, and McLean counties.

Twitter War of Words between President Trump, US Senator Lindsey Graham
Democrats are already looking to formally censure Trump - or at least force Republicans to debate the measure - and Rep. He added Wednesday: "We can't claim to be the party of Lincoln if we equivocate in condemning white supremacy".

Jacksonville named candidate city for 2026 World Cup
Cities have until September 5 to declare their interest in taking part in the bid process. Morocco is also intending to bid for the 2026 World Cup.