Wall Street: uncertainty hits financials and yields, stocks with modest moves

Wall Street was again mixed with financials pressured by falling yields with the 10-year government bond yield falling to a 3-week low as the market is still trying to come to terms with Trump's controversial leadership of the most powerful country in the world.
The key question for the immediate future is whether Trump's new administration is going to be able work with Congress effectively or not while longer term, what exactly will the protectionist policies evolve to in respect of trade and what does that mean to the global and US economy?
Weak financial stocks took the Dow Jones Industrial Average lower while the Nasdaq rose 8.24 points, or 0.2%, to close at 5,682.45 and a new high. The Dow fell 35.95 points, or 0.2%, to finish at 20,054.34 while the S&P 500 index SPX, +0.07% climbed up 1.59 points to finish at 2,294.67.
WTI lead the initial sell-off on Wall Street today but managed a bid and a rally back to the $52 handle while the US dollar continues to struggle in this low yield environment and the speculation that the Fed will not hike rates until July this year. "US 10yr treasury yields extended a two-week-old decline from 2.40% to 2.27%, the 2yr down from 1.17% to 1.14%. Fed fund futures slipped 1-2bp but continue to fully price the next hike by July," explained analysts at Westpac.
Author

Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

















