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.

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