Wall Street drops amid raising concerns over Trump's agenda
|Major US equity indices finished the first trading day of the week with losses as the investors are questioning Trump administration's ability to push on top agenda items such as the tax reform and the increased infrastructure spending.
Trump's pledged tax reform, which is considered to be one of the main reasons why he won the election, seems to be the next item for the Republicans. "Tax cut legislation is a huge priority, and we're going to work with Congress on this," White House spokesman Sean Spicer said during the daily briefing. Although it's not for certain, August seems to be the target date for that item.
Forex today: dollar fights back, Wall Street buying GOP's tax reforms noise
Although the S&P 500 dropped as much as 0.9% during the early trading hours of the session, it finished the day at 2.339.50 down 0.22%. The healthcare index led by HCA Holdings Inc. (+5%) recorded gains amid the failed attempt to dismantle Obamacare, helping the S&P 500 correct its early losses. The Dow Jones Industrial Average dropped 45.74 points, or 0.22%, to 20,550.98 and the Nasdaq Composite gained 11.64 points, or 0.2%, to 5,840.37.
Headlines from the U.S. session
- The case for four interest rate hikes is not yet solid - Fed's Evans
- WTI Crude oil settles at $47.80/bbl
- I don't expect core price inflation to reach 2% until 2019 - Fed's Evans
- EUR/USD headed toward highest close since Nov 11
- US Dollar finds support near 200-day sma
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