Monday, 20 February 2017
Market focus turns into Europe; Wall Street on holiday
Posted by Fort Financial Services at 05:49
Wall Street indexes ended higher on Friday, managing to reach new record highs as market players turned their focus into France's presidential election, which is only a month ahead.
The Nasdaq composite moved to a new all-time peak, rising 0.4 percent and posting a weekly gain of nearly 1 percent. The Dow Jones industrial average was limited by losses of UnitedHealth but Boeing stocks pushed it upwards.
- Dow Jones Industrial Average: +0.02 percent / 20,624.05 points
- Standard & Poor’s 500: +0.17 percent / 2,351.16 points
- Nasdaq Composite: +0.41 percent / 5,838.58 points
While US equities were able to close in green territory last week, Friday’s session showed that the uptrend is coming to a turnpoint. Stocks have been growing on the back of expectations that President Donald Trump will release a “phenomenal” tax reform in the near future. According to the Republican leader, his intention is to promote business activity and reduce the tax burden on American consumers.
Trump held a press conference on Thursday, in which he criticized local media and journalists for publishing so-called “fake news”. He said there is no way these false reports will affect him but he promised to make the people behind these actions respond for it.
"The press has become so dishonest that if we don't talk about, we are doing a tremendous disservice to the American people. Tremendous disservice," said Trump. "We have to talk to find out what's going on, because the press honestly is out of control. The level of dishonesty is out of control."
Trump also reminded voters that the administration is running like a “fine- tuned machine,” which helped to decrease anxiety in Wall Street.
As there were no relevant reports scheduled on Friday, market players turned to a key European event: the French presidential elections on March 23. Investors are worried about far-right candidate Marine Le Pen and her intention to push France out of the Eurozone.
Latest polls show Le Pen ahead in the vote, although analysts believe she has not enough support to win the second round in April. By now, she’s just the pick of an iceberg of uncertainty that could put EU’s second biggest economy into recession.
US markets will remain close on Monday due to the President's Day holiday. For such reason, trading volumes in commodity and currency markets could also be below average.
Fort Financial Services
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