Friday, 9 June 2017
US equities to open higher on reawakened optimism
Wall Street stock indexes were set for a higher open on Friday following a widely anticipated testimony from the former FBI Director James Comey about his investigation targeting potential links between the Trump campaign and Russia, and several conversations with the leader.
US equities ended in green territory on Thursday as a sign of relief as Comey’s words are not believed to be so damaging for the current administration. During the audience, Comey insisted that Trump asked him for “loyalty” in which it seemed to be a trade for remaining in the job
Comey’s testimony also made clear that Trump was never under direct investigation for links with Russia as the FBI couldn’t find counterintelligence on him. The former FBI chief said there were plenty of evidences proving that Russia meddle in the 2016 elections, although he insisted those activities did not influence voting results.
Marc Kasowitz, the external counsel of President Trump, quickly came into action to denied some of Comey’s most controversial quotes. Kasowitz assured the president did not ask Comey to halt an investigation on his then-National Security Adviser Michael Flynn.
This case has provoked strong movements in the markets in recent weeks, as investors saw it a threat to Washington’s political stability and a potential reason to charge Trump of obstructing a federal investigation, which could lead to an impeachment. Also, analysts alerted that this situation could make harder for the president to negotiate economic measures in Congress.
The Dow Jones industrial average closed about 8 points higher, with Goldman Sachs as the key advancer. The index reached an intraday high during the session but paired gains later.
The S&P 500 hit a new record high of 2,440.23 before giving up some gains to finish marginally higher. The banking sector posted strong gains on the back of Comey’s public appearance. The SPDR S&P Bank ETF rose more than 2.5 percent in the session. The Nasdaq composite was up by 0.4 percent and marked a new all-time high close, taking a 0.39 percent gain.
- Dow Jones Industrial Average: 8.84 / +0.04% / 21182.53
- Standard & Poor’s 500: 0.65 / +0.03% / 2433.79
- Nasdaq Composite: 24.38 / +0.39% / 6321.76
In economic news, the US Labor Department reported a drop of initial jobless claims by 10,000 to 245,000 for the week ended June 2. Analysts had forecasted a 15,000 decline.
Today, no relevant events are on scheduled. Traders will keep an eye on Europe’s developing political situation, with UK’s Prime Minister asking the Queen for permission to form a new government following yesterday’s parliamentary elections. While the Conservative Party did get most votes out the process, it was far from securing a majority.
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