Investors take money off the table ahead of Trump address to Congress

By Trevor Hoey. Published at Mar 1, 2017, in Features

Wall Street got the jitters ahead of President Trump’s address to Congress, falling from the previous day’s close of 20,837 points to hit a low of 20,781 points.

While some of the lost ground was recovered in afternoon trading, the index still finished in negative territory at 20,812 points.

The NASDAQ was even more volatile, falling from the previous day’s close of 5861 points to hit a low of 5817 points before closing at 5825 points, a decline of 0.6%.

UK and European markets made small gains, mainly assisted by stocks that could benefit from the increase in defence spending flagged by Trump.

The FTSE 100 gained 10 points or 0.1% to finish at 7263 points.

In mainland Europe the DAX and the Paris CAC 40 were up 0.1% and 0.3% respectively.

While the oil price trended downwards for most of the session, a late rally saw it recover most of the lost ground to finish 0.2% lower, still hovering in the US$54.00 per barrel.

Gold gave up some of its recent gains to finish at circa $1250 per ounce.

Iron ore came off slightly but remains firmly above US$90 per tonne.

Base metals were mixed with small gains across copper, zinc and lead, while nickel fell less than 1% to finish at US$4.93 per pound.

The Australian dollar was relatively unmoved finishing at US$0.766.

It should be noted that broker projections and price targets are only estimates and may not be met. Also, historical data in terms of earnings performance and/or share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Thanks for subscribing!