Equity World, Indonesia CNN - US stock indexes posted the biggest decline throughout 2017 on Monday as investors worried that immigration policy needs to be watched Donald Trump as a step that is not market-friendly.
As reported by Reuters, an executive order issued by Trump on Friday banned the seven immigrants from Muslim-majority countries, including legal citizens and visa holders, and temporarily stop the influx of refugees. Over the weekend, thousands of people rallied in major US cities and at airports. US stocks had penetrated a series of record highs after Trump elections in November, boosted by its promise of tax cuts and trimming regulations. "Investors focus on pro-growth proposal (Trump) and not activities that harm the economy, such as protectionism," said Peter Cardillo, chief economist of First Standard Financial Markets. He said investors are wearing 'blinkers', and just look at the market-friendly policies Trump talked about during the campaign. Though immigration restrictions are a reminder of the actions that he can take out a policy that could damage the economy. Technology sector stocks, which had openly opposed immigration restrictions and often employ foreign employees, fell the most in at the S & P 500. The Dow Jones Industrial Average fell 122.65 points, or 0.61 percent to close at 19971.13, the S & P 500 lost 13.79 points, or 0.60 per cent to 2280.9 and the Nasdaq Composite index fell 47.07 points, or 0 , 83 percent to 5613.71. This weakness is the biggest daily percentage decline for the Dow Jones since October, while the S & P and Nasdaq fell the most since the end of December. Earlier, Trump signed an executive order that would slash federal regulations. This is done by requiring agencies to cut two existing regulations for every new rules are introduced. also read Oil prices weakened after the US Increase Aso drill | Equity World
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