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U.S. stocks began the week on the wrong foot, trading sharply lower on Monday as enthusiasm about President Donald Trump’s agenda dwindled.The Dow Jones industrial average fell about 130 points, with Goldman Sachs contributing the most losses. The 30-stock index was also on track to post an eight-session losing streak.The S&P 500 pulled back 0.6 percent, with financials falling 1.4 percent to lead decliners. Financials were dragged by bank stocks, as the SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) both fell more than 2 percent.The Nasdaq composite dropped 0.6 percent after briefly falling 1 percent.”I don’t think this is the beginning of a full-blown correction, but it’s definitely a reversal in market sentiment,” said Peter Cardillo, chief market economist at First Standard Financial.
U.S. companies added a whopping 298,000 new jobs in February, beating economists’ expectations by more than 100,000.The report from ADP, a global human resources and payroll firm, provides the first hard economic numbers from Donald Trump’s first full month as president.Trump wrote Wednesday on Twitter about another similar measure, citing numbers from a new LinkedIn workforce report that showed strong job-adding numbers from January and February.Those months ‘were the strongest consecutive months for hiring since August and September 2015,’ the president tweeted, mirroring the report’s language.
Two weeks after David Stockman warned that “the market is apparently pricing in a huge Trump stimulus. But if you just look at the real world out there, the only thing that’s going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S. history” and exclaimed that, when looking at markets, “what’s going on today is complete insanity” he is back with another interview, this time with Greg Hunter of USAWatchdog in which he, once again warns, that a giant fiscal bloodbatch is coming soon, and urges listeners to pay especially close attention to the March 15, 2017 debt ceiling deadling, at which point everything could “grind to a halt.”
A strong majority of Americans say the U.S. economy is running strong, and most believe the upward trend will continue under President Trump, according to a Harvard-Harris poll provided exclusively to The Hill.The survey found that 61 percent view the economy as strong, against 39 percent who say it is weak.A plurality, 42 percent, said they believe the economy is on the right track, versus 39 percent who said it is on the wrong track.
President Donald Trump is expected to sign an executive order as early as Monday stating his intention to renegotiate the free trade agreement between the United States, Canada and Mexico, a White House official told NBC News. Eliminating the North American Free Trade Agreement (NAFTA), which was crafted by former President Bill Clinton and enacted in 1994, was a frequent Trump campaign promise. The deal was intended to eliminate most trade tariffs between the three nations, increase investment and tighten protection and enforcement of intellectual property.
U.S. supermarket operator Kroger Co said on Monday it would fill 10,000 permanent positions in its supermarket divisions. Kroger, which had about 431,000 full- and part-time employees as of Jan. 30, 2016, also said its total active workforce grew by more than 12,000 in 2016. The world’s No. 1 retailer Wal-Mart Stores Inc said last week it would create about 10,000 jobs in the United States this year, as President Donald Trump puts pressure on companies to hire more U.S. workers. Companies such as General Motors Co and Amazon.com Inc have also announced plans to add jobs in the United States. German drug and chemical maker Bayer AG, which is awaiting approval to buy U.S. seeds company Monsanto Co for $66 billion, said last week it would maintain more than 9,000 jobs in the United States and add 3,000 new U.S.-based high-tech positions.
China has ordered the closure of a sixth of the country’s golf courses since 2011, its top economic planner said, in an ongoing crackdown on a sport controversial for its links with wealthy elites. China’s ruling Communist Party has an ambivalent relationship with golf. Local authorities have profited from selling land for courses, but they are seen as venues for shady dealmaking between elites and politicians. Central authorities ordered a nationwide freeze on new golf courses in 2004, which was largely ignored.
Foxconn, the world’s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday. The plans come after U.S. President Donald Trump pledged to
Ford cancels Mexico plant. Will create 700 U.S. jobs in ‘vote of confidence’ in Trump – Jan. 3, 2017
NEW YORK (Reuters) – The U.S. dollar index dipped after hitting a near 14-year high on Wednesday while oil prices swung in a volatile session as traders were caught between a build in U.S. stockpiles and the chance of an output cut.Declines in bank stocks more than offset gains in the technology sector on Wall Street. The S&P 500 had ended on Tuesday at a 10-week high while the Dow industrials set a record close, fueled by a post-U.S. election rally.”We had a pretty sharp rally off the election and it was pretty impressive, but it seems pretty clear to me that sort of emotional reaction, if you will, is now long off,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.The dollar has surged in the past week, tracking Treasury yields higher on the expectation increased U.S government spending could trigger higher inflation.