Tuesday, 7 February 2017

Wall Street slips as energy shares, oil prices drop

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US stocks slipped on Monday, led by the energy sector as oil prices dropped, while investors awaited the next run of major earnings reports and sought further clarity on President Donald Trump's economic policies. 

The benchmark S&P 500 receded after climbing close to a record high on Friday. US equities have rallied since Trump's November election, spurred by hopes for fiscal stimulus, lower taxes and fewer regulations under the Republican-led federal government. 

"The market is starting to come down from its euphoric high and realise that maybe not everything is going to be solved in the first 100 days," said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa. "There’s a lot of uncertainty." 

The Dow Jones Industrial Average fell 19.04 points, or 0.09 percent, to 20,052.42, the S&P 500 lost 4.86 points, or 0.21 percent, to 2,292.56 and the Nasdaq Composite dropped 3.21 points, or 0.06 percent, to 5,663.55. Goldman Sachs economists said a fiscal boost to the United States is more likely in 2018 than this year because "the balance of risks is somewhat less positive" one month into 2017 and Trump's growth-boosting agenda could be offset by negative effects of trade and immigration restrictions. 

"There are concerns regarding the backlash against any protectionist policies that come out of Washington and other countries and investors are seeking clarity," said Adam Sarhan, chief executive officer at 50 Park Investments.

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