United States stocks tumble on Trump woes, Spain attack

Lucy Hill
August 19, 2017

Former Goldman Sachs President Gary Cohn, who serves as the director of President Donald Trump's National Economic Council, is under growing pressure to quit after Trump's moral equivocation on Tuesday between Nazis and the leftwingers who came to stop the Nazis in Charlottesville, Virginia. Cohn, whose name has been floated in the media as a potential successor to Janet Yellen at the helm of the Federal Reserve, has not spoken publicly on the president's comments.

Top-level aides H.R. McMaster, the national security adviser, and his deputy, Dina Powell, both told people that they feel it's too risky and serious a time for them to leave the administration.

The Washington Post, Bloomberg and the Financial Times were among the outlets to report August 17 that Cohn will stay on despite speculation he might step down in the wake of President Donald J. Trump's polarizing remarks concerning last weekend's violence in Charlottesville, Va.

Adviser Ivanka Trump, who converted to Judaism, tweeted on Sunday that "there should be no place in society for racism, white supremacy and neo-nazis" - groups her father did not call out until Monday. On the Nasdaq, 1,601 issues fell and 1,059 advanced. On the data front, USA consumer sentiment rebounded in early August from an eight-month low in July, reflecting confidence in the economic outlook and personal finances.

According to the final results, the index featured Dow Jones Industrial Average has lost 274,14 points, to 21 750,73 points, the sharpest decline since mid-may.

Cohn quickly consolidated power inside a White House that was often at war with itself and built a team of experts to work on health care, infrastructure, tax policy and other issues.

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The major USA stock indexes fell sharply on Thursday on concerns about President Trump's ability to run a government and to push through key business-friendly legislation.

Oil prices rose on Friday as the stock market strengthened and the USA dollar weakened, but US crude futures remained on track to close the week down as investors remained anxious about the global oil glut.

United States equity losses deepened on news that a driver deliberately slammed a van into crowds on Barcelona's most popular street in what police said was a "terror attack". Gold and tin were among the best-performing metals, and zinc traded near a 10-year high. The dollar finished the week up nominally against the yen, gaining 0.1 percent.

Japan's Topix index fell 1.1 per cent at the close, down 1.2 per cent over the week.

Seven of the 20 most active stocks ended in the green, led by Crown Equities Inc. which surged 17 percent to P0.255 and PXP Energy Corp. which jumped 8.3 percent to P3.90.

The kiwi traded at 62.11 euro cents from 62.20 cents yesterday after minutes to the last European Central Bank meeting noted stronger growth in the regional bloc, but said expansionary monetary policy was needed to stir inflation to 2 percent. The Canadian dollar rose to a two-week high against its US counterpart on Friday, as data showing an uptick in the Bank of Canada's core measures of inflation supported the view that the central bank will raise interest rates in the fall.

Other reports by TheDailyFarc

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