US stocks extend early losses; Dow slumps over 150 points
|Major US equity indices lost some ground on Thursday as lack of clarity on probable fiscal policies from President-elect Donald Trump’s first formal news conference now seems to have jeopardized Trump-led record breaking rally since early November.
At the time of reporting, the Dow Jones Industrial Average was down around 170-points to 19,780, while the broader S&P 500 Index slipped around 17-point to 2,257. Meanwhile, tech-heavy Nasdaq Composite Index shed over 53-points and dropped to 5,510.
Adding to the already weak sentiment, dovish comments from St. Louis Fed President James Bullard further collaborated to the downslide on Thursday. Bullard said that President-elect Donald Trump's proposed fiscal policies would have little impact this year and the current slow growth environment warrant only one Fed rate-hike this year.
On economic data front, market ignored improving labor market conditions, as depicted by lower-than-expected rise in weekly jobless claims data.
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