Markets

Wall St tumbles as investors flee latest Trump crisis

Wall St tumbles as investors flee latest Trump crisis

While ATHN stock was last seen up 18.5% at $125.99 and on track to close north of its 320-day moving average for the first time since last July, gains are being contained by familiar resistance in the $126-$127 region.

The Dow fell, led by slides in shares of Goldman Sachs and those of JPMorgan Chase, recently down 4.3 percent and 2.7 percent respectively.

The so-called Trump bump has turned into a slump after the US President came under fire for sharing classified information with Russian officials at a meeting in the White House and as a memo emerged from former FBI chief James Comey which accused Trump of asking Comey to stop his investigation of Trump's former national security advisor.

A trader works on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange, in New York.

Crain's New York Business reporter Aaron Elstein says investors are now nervous this controversy could prevent the president from accomplishing any of his agenda, which was meant to create jobs and boost the economy. The major US stock indexes fell 1.8 percent or more, and the Dow Jones Industrial Average was off 372 points.

The equity selling and volatility sent investors piling into assets deemed safest in times of crises.

WALL STREET: Major U.S. benchmarks suffered big losses. A volatility gauge on the S&P 500 climbed 10 percent after jumping 2.2 percent on Tuesday.

The U.S. dollar briefly surged against the British pound and other currencies Thursday in a sudden move that was at first unexplainable by many traders contacted.




Shares of Apple also declined, trading 2.3 percent weaker.

Upbeat growth prospects and signs of stronger integration also spurred flows into regional bond markets, narrowing the gap between US and German government borrowing costs to its tightest level in over six months. Wal-Mart Stores Inc (NYSE:WMT) gained 3.2% - a rare spot of brightness in a beleaguered retail sector - after reporting better-than-expected Q1 results with same-store sales up 1.4%. The Russell 2000 index sank 38 points, or 2.8 percent, to 1,355.

But a full-on wipeout of the 20 percent post-election gain isn't out of the question either, given that post-election gains in the USA dollar and in the 10-year yield have already been fully reversed. The decline puts the S&P 500, and the Nasdaq indexes on pace to post their biggest one-session drops since March 21.

The precious metal jumped 1.8%, climbing 22.30 dollars to settle at 1,258.70 dollars per ounce. The Nasdaq composite fell 49 points, or 0.8 percent, to 6,120.

-The euro added 0.6 percent to $1.1152, extending Tuesday's 1 percent surge and heading for the highest since November 4. Hong Kong's Hang Seng shed 0.6 percent to 25,143.35 and the Shanghai Composite index in mainland China dipped 0.2 percent to 3,099.24.

The strength of the United Kingdom currency weighed on the FTSE 100, which dropped more than 100 points or 1.3% to 7,402.68 in morning trading.

Australia's S&P/ASX 200 lost 1.21 percent.


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