• Advert Rate
Wednesday, May 7, 2025
  • Login
TVC News
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Cookies Policy
No Result
View All Result
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Cookies Policy
No Result
View All Result
TVC News
No Result
View All Result

Wall Street ends lower; Trump comments dampen sentiment late

April 12, 2017
in Business News, Latest Nigeria News
Share on FacebookShare on Twitter

TVC NEWS U.S. stocks eased on Wednesday and the S&P 500 closed below a key technical level for the first time since Election Day, pressured by lingering geopolitical concerns and President Donald Trump’s comments on the dollar and interest rates.

Trump said in a Wall Street Journal interview that the dollar “was getting too strong,” though he also said he would like to see interest rates stay low.

The dollar, which has risen along with prospects for hiher rates, hurts profits at U.S. multinationals when it strengthens.

“Markets don’t like uncertainty,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

“This just kind of added another wild card into the mix in a way, whether there will be actions taken to keep the dollar from strengthening further.”

Investors sought shelter in defensive shares and other low-risk assets. Industrials and materials were the biggest drags on the market along with financials, while utilities, staples and telecommunications gave the S&P 500 its biggest lift.

Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York, New York, U.S., April 4, 2017. REUTERS/Brendan McDermid

The S&P financial index .SPSY was down 0.9 percent a day ahead of results from three major banks in what will mark the start of the corporate earnings season. Analysts are expecting earnings to have risen 10 percent for all S&P 500 companies in the first quarter, Thomson Reuters data shows.

The materials .SPLRCM and industrials .SPLRCI indexes both ended more than 1 percent lower on the day.

In a sign that further weakness may be ahead, the S&P 500 closed below its 50-day moving average for the first time since Nov. 8. The CBOE Volatility index .VIX, Wall Street’s fear gauge, extended recent gains, a day after it closed above 15 for the first time since the election.

Rising U.S. tensions with Russia, North Korea and Syria after U.S missile strikes in Syria last week and the moving of U.S. warships toward the Korean Peninsula have kept investors cautious.

The Dow Jones Industrial Average .DJI closed down 59.44 points, or 0.29 percent, to 20,591.86, the S&P 500 .SPX lost 8.85 points, or 0.38 percent, to 2,344.93 and the Nasdaq Composite .IXICdropped 30.61 points, or 0.52 percent, to 5,836.16.

Investors are concerned these developments could distract Trump from pursuing pro-business policies such as tax cuts, simpler regulations and higher infrastructure spending, promises that have powered Wall Street to record highs since his election in November.

Wells Fargo, Citigroup (C.N) and JPMorgan (JPM.N) are due to report results on Thursday, the last trading day of the week ahead of the Good Friday holiday.

Delta Air Lines (DAL.N) closed down 0.5 percent at $45.05 despite a better-than-expected quarterly profit and an upbeat forecast for current-quarter passenger unit revenue.

Declining issues outnumbered advancing ones on the NYSE by a 2.16-to-1 ratio; on Nasdaq, a 2.23-to-1 ratio favored decliners.

The S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 51 new highs and 42 new lows.

About 6.2 billion shares changed hands on U.S. exchanges, compared with the 6.6 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Next Post
‘We’ll build on Oshiomhole’s legacy’ – Edo Dep. Governor-elect

Trump won't rule out second Yellen term, signaling drift to the mainstream

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

YouTube player
Get Breaking News Alerts on WhatsApp! Subscribe now and never miss an update
ADVERTISEMENT

Headlines

  • Live-Stream
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Entertainment

Shows

  • Issue With Jide
  • Journalist Hangout
  • This Morning
  • TVC Breakfast
  • Today in the news
  • Documentaries

Live TV

  • Windows & Mac
  • iPhone & iPad
  • Android & IOS

App Download

  • Download Android App
  • Download for iOS
  • HOME
  • ADVERT RATE
  • Contact

© 2022 TVC Communications - Owner of TVC News

No Result
View All Result
  • World News
  • Politics
  • Business
  • Sport
  • Tech
  • Health
  • Entertainment
  • Show
    • Election 2023
    • Journalist Hangout
    • Issue With Jide
    • Trending Video
  • More
    • Advert Rate
    • Contact Us
    • Cookies Policy

© 2022 TVC Communications - Owner of TVC News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In