Wall Street drops, weighed by auto retailers
After having a positive start to the day, U.S. stocks changed course to close the day in the red, dragged down by the worse-than-expected sales figures from the auto manufacturers in the United States.
Ford Motor Co. fell 1.72%, General Motors Co. dropped 3.37% and Fiat Chrysler Automobiles NV declined 4.76%, pulling down the S&P 500 index. The index finished the day at 2,356.00 with a loss of 3.25 points or 0.14% while the Dow Jones Industrial Average was down 71.23 points, or 0.34%, at 20,591.99, and the Nasdaq Composite dropped 21.25 points, or 0.36%, to 5,890.49.
- Forex today: risk-off has Yen and gold outperforming
In other news, the Trump administration took another hit today as they were challenged by New York and other states, backed by environmental groups, for what they called "illegally blocking energy efficiency standards." Just two weeks after the healthcare bill failure, once again the administration's ability to push through pro-growth policies is being questioned by the investors.
Headlines from the U.S. session
- Fed's Harker: Fed should plan to raise interest rates twice more this year
- US Dollar index rises modesty on Monday, remains above 100.00
- Key US data for the week ahead - Nomura
- US: Construction spending keeps momentum - Wells Fargo
- US ISM manufacturing: Deceleration but still expanding at a solid clip - Wells Fargo
- Fed's Dudley: U.S. household sector in unusually good shape given economic cycle - Reuters