US stocks drift lower

Dhaka,  Wed,  24 May 2017
Published : 21 Mar 2017, 11:01:43
printer

US stocks drift lower

US stocks drift lower
Wall Street drifted lower on Monday as investors worried that US President Donald Trump's plan to cut taxes and boost the economy could take longer than previously expected.

The stock market has been on a record-setting spree since the US election, but the rally has faltered in recent weeks as investors fret about a lack of clarity on his proposals to reform taxes and cut regulation.

The S&P 500 and the Dow ended lower after FBI Director James Comey told a congressional hearing he had seen no evidence to support a claim by Trump.

Trump claimed that former President Barack Obama had wiretapped his campaign headquarters in Trump Tower in New York.

The Dow Jones Industrial Average inched down 0.04 per cent to end at 20,905.86 points, while the S&P 500 lost 0.20 per cent to 2,373.47.

The Nasdaq Composite edged up 0.01 per cent to finish at 5,901.53 after briefly hitting an intraday record high.

Seven of the 11 major S&P sectors were lower, with the financial index's 0.9 per cent fall leading the decliners.

Apple rose 1.05 per cent to a record-high close of $141.46 after Cowen & Co upgraded its price target on the stock.

Caterpillar rose 2.68 per cent, providing the biggest boost to the Dow, after it reported a smaller decline in sales for the 3 months through February versus the period ending in January.

Declining issues outnumbered advancing ones on the NYSE by a 1.40-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favoured decliners.

The S&P 500 posted 26 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 103 new highs and 38 new lows.

About 5.8 billion shares changed hands in U.S. exchanges, compared with the 7.1 billion daily average over the last 20 sessions, according to Reuters.
ADDRESS
Editor : A.H.M Moazzem Hossain
Published by the Editor for International Publications Limited from Tropicana Tower (4th floor), 45, Topkhana Road, GPO Box : 2526 Dhaka- 1000 and printed by him from City Publishing House Ltd., 1 RK Mission Road, Dhaka-1000.
Telephone : PABX : 9553550 (Hunting), 9513814, 7172017 and 7172012 Fax : 880-2-9567049
Email : editor@thefinancialexpress-bd.com, fexpress68@gmail.com
Copyright © 2017. All rights reserved
Powered by : orangebdlogo
close