Wall Street ends the week on a high note

Eren Sengezer FXStreet

Although the recent developments surrounding the political turmoil in the U.S. forced the major equity indexes in the U.S. to retrace most of their earnings, they closed the last day of the week higher.

The Dow Jones Industrial Average added 141.82 points, or 0.69%, to 20,804.84, the S&P 500 rose 16.01 points, or 0.68%, to 2,381.73, but lost 0.4% on a weekly basis as Wednesday's drop of 1.8% was too big to retrace. Finally, the heavy-tech Nasdaq Composite gained 28.57 points, or 0.47%, to 6,083.70.

After a strong opening, at one point in the session, the indexes were up more than 1%. However, a recent report by Washington Post claimed that the investigators were focusing on a current White House official as a person of interest in their probe of Russian influence on the Trump's election victory, and triggered a bout of risk aversion, causing the investors to cash in their profits before they break for the weekend.

Furthermore, a separate article by the NY Times claimed that in a document summarizing the meeting that took place on May 10 between President Trump and Russian officials, Trump was quoted saying "I just fired the head of the F.B.I. He was crazy, a real nut job."

Headlines from the U.S. session:

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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