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.


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