{"id":25919,"date":"2017-04-04T07:58:41","date_gmt":"2017-04-04T07:58:41","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=25919"},"modified":"2017-04-04T07:58:41","modified_gmt":"2017-04-04T07:58:41","slug":"wall-street-down-on-weak-auto-sales-doubts-about-trump-agenda","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/wall-street-down-on-weak-auto-sales-doubts-about-trump-agenda.html","title":{"rendered":"Wall Street down on weak auto sales, doubts about Trump agenda"},"content":{"rendered":"

\n\tWall Street down on weak auto sales, doubts about Trump agenda<\/span><\/span><\/span><\/strong>
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\n\tWall Street down on weak auto sales, doubts about Trump agenda:- Wall Street closed slightly lower on Monday as March auto sales disappointed and investors questioned whether the Trump administration would deliver on its pro-business economic stimulus.<\/span><\/span><\/span>
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\n\tStocks had risen to record highs on Trump's promises to cut taxes, ease regulations and spend heavily on infrastructure, and investors hoped that his policies would boost the economy.<\/span><\/span><\/span>\n<\/p>\n

\n\tGeneral Motors was one of the biggest drags on the S&P 500 .SPX after automakers' sales figures for March came in below market expectations, an early signal America's long car sales boom may finally be losing steam.<\/span><\/span><\/span>\n<\/p>\n

\n\t"The disappointing auto sales are something people are keeping an eye on and that's meaningful news," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe major indexes pared losses. They had fallen sharply in morning trade after some U.S. states accused President Donald Trump's administration of illegally suspending energy efficiency standards.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe challenge came barely two weeks after Republican's had to pull healthcare reform bill due to a lack of support.<\/span><\/span><\/span>\n<\/p>\n

\n\tAlso on Monday, Democrats amassed enough support to block a confirmation vote for Trump's Supreme Court nominee.<\/span><\/span><\/span>\n<\/p>\n

\n\t"If there's not one big reason (for the market decline), there's many little reasons. Right now I think it's a little reason day," said Brad McMillan, Chief Investment Officer for Commonwealth Financial in Waltham, Mass.<\/span><\/span><\/span>\n<\/p>\n

\n\tWhile investors still hope Trump can deliver on some of his agenda, they "are getting nervous and starting to discount some of the benefits they expected to see" said McMillan.<\/span><\/span><\/span>\n<\/p>\n

\n\tAdding to nerves was news of a explosion in a St Petersburg train tunnel that killed ten people on Monday in what Russian authorities called a probable terrorist attack.<\/span><\/span><\/span>\n<\/p>\n

\n\tTrump held out the possibility on Sunday of using trade as a lever to secure China's cooperation against North Korea, in comments that appeared designed to pressure Chinese President Xi Jinping ahead of their first meeting this week.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe Dow Jones Industrial Average .DJI fell 11.38 points, or 0.06 percent, to 20,651.84, the S&P 500 .SPX lost 3.8 points, or 0.16 percent, to 2,358.92 and the Nasdaq Composite .IXIC dropped 17.06 points, or 0.29 percent, to 5,894.68. Eight out of 11 major S&P 500 sectors were lower, led by the consumer discretionary index .SPLRCM 0.5-percent. The top three drags on that sector were auto stocks.<\/span><\/span><\/span>\n<\/p>\n

\n\tGM (GM.N) finished down 3.4 percent while O'Reilly Automotive Inc, a car parts retailer, fell 4 percent. Fiat Chrysler (FCAU.N) sank 4.8 percent and Ford (F.N) fell 1.7 percent.<\/span><\/span><\/span>\n<\/p>\n

\n\tTwo indexes that gained were telecommunications .SPLRCL and real estate .SPLRCREC – defensive sectors whose predictable slow growth are popular in times of uncertainty.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe S&P 500 is trading at about 18 times earnings estimates for the next 12 months, above its long-term average of 15 a few weeks before earnings seasons starts.<\/span><\/span><\/span>\n<\/p>\n

\n\tDeclining issues outnumbered advancing ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 2.56-to-1 ratio favored decliners.<\/span><\/span><\/span>\n<\/p>\n

\n\tThe S&P 500 posted 18 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 80 new highs and 33 new lows.<\/span><\/span><\/span>\n<\/p>\n

\n\tAbout 6.8 billion shares changed hands on U.S. exchanges on Monday, about matching the average for the last 20 sessions.<\/span><\/span><\/span>\n<\/p>\n

\n\tSource:- http:\/\/www.reuters.com\/article\/us-usa-stocks-idUSKBN17515X<\/span><\/span><\/span><\/p>\n

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