Stocks Close Lower Ahead Of Trump Speech To Congress
- Author: Zachary Reyes Mar 03, 2017,
Mar 03, 2017, 4:50
President Trump: Investors await President Trump's address to Congress Tuesday night, where he is expected to talk about the Affordable Care Act and plans to overhaul the tax code. Hong Kong's Hang Seng added 0.2 percent.
Traders also continued to size up the latest company earnings and outlooks.
The 30-scrip Sensex was trading at 29,004 at around 2.04 pm after hitting an intraday high of 29,145 and was just about 1,000 points away from its all-time high of 30,024 scaled on March 4, 2015.
Also, the S&P 500 climbed 1 percent and the Nasdaq increased by 0.97 percent. Earlier in Asia, Japan's benchmark Nikkei 225 gained 1.4 percent, while Australia's S&P/ASX 200 slipped 0.1 percent.
All three major indexes posted gains, however, for the month of February, with the S&P 500 up 3.7 percent. The Nasdaq composite lost 18 points, or 0.3 percent, to 5,843.
USA personal income in January rose by 0.4%, while consumer spending increased 0.2%.
THE QUOTE: "Trump's speech. offered only a little additional clarity on the tax reforms and additional spending the White House will be seeking", said Paul Ashworth, from Capital Economics.
Bond prices fell. The 10-year Treasury yield rose to 2.39 percent from 2.37 percent late Monday.
For the day, the Dow Jones Industrial Average closed at 20,812.24 for a loss of 25.20 points or 0.12%. The market may well already be experiencing Trump fatigue and he's now put himself in a position where he must deliver, and in a big way, or markets could quite quickly turn against him. Goldman Sachs rose $4.81, or 1.9 percent, to $252.87. Financials led all other sectors in the S&P 500, climbing 3.2 percent. South Korea's markets were closed for a holiday.
Crude oil prices moved in both directions before investors were able to drive them higher as investors expressed mixed reactions to the U.S. Energy Information Administration's weekly inventories report. Brent crude, which is used to price worldwide oils, added 13 cents to $56.64 a barrel in London.
Today's gain was also helped by the growing indications that the Federal Reserve will raise interest rates soon, which is not only a sign of a stronger economy but will also help banks make more money. The dollar rose to 113.71 yen from Tuesday's 112.17 yen.