Stocks sink as 'Trump trade' flips into reverse - WFMJ.com News weather sports for Youngstown-Warren Ohio

Stocks sink as 'Trump trade' flips into reverse

Posted: Updated:
  • NationalMore>>

  • Florida man screams, yells 'murderers!' as he's put to death

    Florida man screams, yells 'murderers!' as he's put to death

    Friday, February 23 2018 1:35 AM EST2018-02-23 06:35:23 GMT
    (Lauren Bacho/The Gainesville Sun via AP). The family of Susan Morris makes a statement after the execution of Eric Scott Branch in Gainesville, Fla., Thursday, Feb. 22, 2018. The governor's office said Branch, 47, was pronounced dead Thursday after re...(Lauren Bacho/The Gainesville Sun via AP). The family of Susan Morris makes a statement after the execution of Eric Scott Branch in Gainesville, Fla., Thursday, Feb. 22, 2018. The governor's office said Branch, 47, was pronounced dead Thursday after re...
    Florida inmate lets out blood-curdling scream, yells 'murderers!' as he's executed for 1993 rape and killing; authorities say 'no indication' last actions caused by lethal injection.More >>
    Florida inmate lets out blood-curdling scream, yells 'murderers!' as he's executed for 1993 rape and killing; authorities say 'no indication' last actions caused by lethal injection.More >>
  • California senator quits as Legislature grapples with #MeToo

    California senator quits as Legislature grapples with #MeToo

    Friday, February 23 2018 1:35 AM EST2018-02-23 06:35:13 GMT
    (AP Photo/Steve Yeater, File). FILE - In this Jan. 3, 2018, file photo, California state Sen. Tony Mendoza, D-Artesia, announces that he will take a month-long leave of absence while an investigation into sexual misconduct allegations against him are c...(AP Photo/Steve Yeater, File). FILE - In this Jan. 3, 2018, file photo, California state Sen. Tony Mendoza, D-Artesia, announces that he will take a month-long leave of absence while an investigation into sexual misconduct allegations against him are c...
    The California Senate is preparing to debate punishment for a lawmaker accused of sexual misconduct.More >>
    The California Senate is preparing to debate punishment for a lawmaker accused of sexual misconduct.More >>
  • Grand jury indicts Missouri governor who admitted affair

    Grand jury indicts Missouri governor who admitted affair

    Friday, February 23 2018 1:35 AM EST2018-02-23 06:35:05 GMT
    A St. Louis grand jury has indicted Missouri Gov. Eric Greitens on a felony invasion of privacy charge related to the Republican's affair with a woman in 2015.More >>
    A St. Louis grand jury has indicted Missouri Gov. Eric Greitens on a felony invasion of privacy charge related to the Republican's affair with a woman in 2015.More >>

By STAN CHOE
AP Business Writer

NEW YORK (AP) - Stocks around the world sank Monday on worries that the Trump White House may not be able to help businesses as much as once thought. Many of the trends that have been in place since Election Day went into sharp reverse: The dollar's value sank against other currencies, as did bank stocks, while prices jumped for Treasury bonds.

KEEPING SCORE: The Standard & Poor's 500 index fell 15 points, or 0.6 percent, to 2,329, as of 10:25 a.m. Eastern time. The Dow Jones industrial average lost 141, or 0.7 percent, to 20,445. The Nasdaq composite dropped 29, or 0.5 percent, to 5,799.

Small-company stocks, which have outpaced the rest of the market since the election, fell even more. The Russell 2000 index sank 14 points, or 1.1 percent, to 1,340.

The stock market had been on a nearly nonstop rip higher since Election Day on the belief that President Donald Trump and a Republican-led Congress will cut income taxes, loosen regulations for companies and institute other business-friendly policies. Besides stronger economic growth, investors were also predicting higher inflation would be on the way.

But last week's failure by Republicans to fulfill a pledge they've been making for years, to repeal the Affordable Care Act, raises doubts that Washington can push through other promises. The House on Friday pulled its bill to revamp the country's health care system, when it was clear that it didn't have enough votes to pass.

DOLLAR DUMP: The dollar fell against most of its major rivals, including the Japanese yen, euro and British pound. The ICE U.S. Dollar index, which measures the U.S. currency's value against six others, has given up nearly all of its big gains since Election Day.

The dollar fell to 110.38 Japanese yen from 110.80 late Friday. The euro rose to $1.0883 from $1.0808, and the British pound rose to $1.2593 from $1.2500.

YIELDS DROP: The yield on the 10-year Treasury fell to 2.36 percent from 2.41 percent late Friday. That's close to its lowest level in a month. It was above 2.60 percent just a couple weeks ago.

BANKS SINK: Bank stocks have tracked the movements of Treasury yields recently, because higher interest rates would allow them to charge more for loans and reap bigger profits. Financial stocks in the S&P 500 dropped 1.4 percent, the largest loss among the 11 sectors that make up the index.

AN ANXIOUS MARKET: The VIX index measures the market's nervousness by looking at how much traders are paying to protect against upcoming drops in the S&P 500. By that measure, investors early Monday were feeling the most jittery since mid-November, shortly after Election Day. The VIX jumped 10 percent.

HEALTHY GAINS: Among the few gainers on the day were hospital stocks. The Republican health care plan would have resulted in 24 million additional uninsured people in a decade, according to a tally by the Congressional Budget Office. And hospitals take care of patients, whether they're insured or not.

HCA Holdings jumped $4.05, or 4.7 percent, to $90.09 for the biggest gain in the S&P 500. Universal Health Services rose $5.14, or 4.2 percent, to $127.03 for the second-largest gain.

GOLD GLITTERS: The price of gold rose $7.20 to $1,255.70. Silver rose 31 cents to $18.06 per ounce. Copper, whose price tends to rise and fall with expectations for economic growth, fell 6 cents to $2.58 per pound.

MARKETS ABROAD: Stocks were weak around the world. In Asia, Japan's Nikkei 225 index dropped 1.4 percent, South Korea's Kospi index lost 0.6 percent and the Hang Seng in Hong Kong fell 0.7 percent. In Europe, the German DAX lost 0.9 percent, the French CAC 40 fell 0.4 percent and the FTSE 100 in London dropped 0.9 percent.

OIL: Benchmark U.S. crude fell 70 cents to $47.27 per barrel. Brent crude, used to price international oils, lost 63 cents to $50.29.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • More NewsMore>>

  • GOP congressmen challenge new Pennsylvania district map

    GOP congressmen challenge new Pennsylvania district map

    Friday, February 23 2018 1:29 AM EST2018-02-23 06:29:00 GMT
    Pa Supreme Court draws a 'much more competitive' district mapPa Supreme Court draws a 'much more competitive' district map
    A request by Republican leaders in the Pennsylvania Legislature to stop a new congressional map from being implemented is now in the hands of the nation's highest court.More >>
    A request by Republican leaders in the Pennsylvania Legislature to stop a new congressional map from being implemented is now in the hands of the nation's highest court.More >>
  • US women beat Canada for gold in a 3-2 shootout thriller

    US women beat Canada for gold in a 3-2 shootout thriller

    Thursday, February 22 2018 11:56 PM EST2018-02-23 04:56:46 GMT
    (AP Photo/Matt Slocum). United States celebrates winning gold after the women's gold medal hockey game against Canada at the 2018 Winter Olympics in Gangneung, South Korea, Thursday, Feb. 22, 2018.(AP Photo/Matt Slocum). United States celebrates winning gold after the women's gold medal hockey game against Canada at the 2018 Winter Olympics in Gangneung, South Korea, Thursday, Feb. 22, 2018.
    The Americans' gold medal drought in women's hockey _ finally _ is over.More >>
    The Americans' gold medal drought in women's hockey _ finally _ is over.More >>
  • Physicians, lawmaker concerned about insurer's ER visit policy

    Physicians, lawmaker concerned about insurer's ER visit policy

    Thursday, February 22 2018 11:12 PM EST2018-02-23 04:12:24 GMT

    A relatively new policy by one of the largest health insurance companies in the country has caught the attention of a local lawmaker and a group of emergency physicians. If you're covered by Anthem, your emergency room visit could be denied if you're receiving care for a non-emergency.

    More >>

    A relatively new policy by one of the largest health insurance companies in the country has caught the attention of a local lawmaker and a group of emergency physicians. If you're covered by Anthem, your emergency room visit could be denied if you're receiving care for a non-emergency.

    More >>
  • More From wfmj.comHot ClicksMore>>

  • Florida executes inmate; Texas, Alabama executions halted

    Florida executes inmate; Texas, Alabama executions halted

    Friday, February 23 2018 1:34 AM EST2018-02-23 06:34:38 GMT
    (AP Photo/File). This photo combo shows death row immates, from left,  Thomas Whitaker from Texas, Doyle Lee Hamm from Alabama, and Eric Scott Branch from Florida. Executions are set for Alabama, Texas and Florida for the same night. If they are carrie...(AP Photo/File). This photo combo shows death row immates, from left, Thomas Whitaker from Texas, Doyle Lee Hamm from Alabama, and Eric Scott Branch from Florida. Executions are set for Alabama, Texas and Florida for the same night. If they are carrie...
    Executions are set for Alabama, Texas and Florida for the same night.More >>
    Executions are set for Alabama, Texas and Florida for the same night.More >>
  • Indian partners hawk dinner talk with Trump Jr for $39,000

    Indian partners hawk dinner talk with Trump Jr for $39,000

    Friday, February 23 2018 12:49 AM EST2018-02-23 05:49:01 GMT
    (AP Photo). The eldest son of U.S. President Donald Trump, Donald Trump Jr. , center, stands in front of Trump Towers after its inauguration in Pune, India, Wednesday, Feb. 21, 2018. Donald Trump Jr. said any talk that his family was profiting from his...(AP Photo). The eldest son of U.S. President Donald Trump, Donald Trump Jr. , center, stands in front of Trump Towers after its inauguration in Pune, India, Wednesday, Feb. 21, 2018. Donald Trump Jr. said any talk that his family was profiting from his...
    Want an evening out with Donald Trump Jr.? Sorry, even if you have an extra $39,000 it's probably too late to buy a "conversation and dinner" with the eldest son of the American president as he visits India.More >>
    Want an evening out with Donald Trump Jr.? Sorry, even if you have an extra $39,000 it's probably too late to buy a "conversation and dinner" with the eldest son of the American president as he visits India.More >>
  • Book Trump? Interest groups press case at his properties

    Book Trump? Interest groups press case at his properties

    Friday, February 23 2018 12:30 AM EST2018-02-23 05:30:07 GMT
    (AP Photo/Alex Brandon, File). FILE - In this Dec. 21, 2016, file photo, the Trump International Hotel in Washington. Special interests are holding meetings at properties owned by President Donald Trump, putting money in his pockets as they seek to inf...(AP Photo/Alex Brandon, File). FILE - In this Dec. 21, 2016, file photo, the Trump International Hotel in Washington. Special interests are holding meetings at properties owned by President Donald Trump, putting money in his pockets as they seek to inf...
    Quid pro Trump? Special interests are holding meetings at properties owned by President Trump, putting money in his pockets as they seek to influence his administration.More >>
    Quid pro Trump? Special interests are holding meetings at properties owned by President Trump, putting money in his pockets as they seek to influence his administration.More >>
Powered by Frankly
All content © Copyright 2000 - 2018 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms