Financial Review

Cake and Panic


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…..Wall Street finally freaks. Trump agenda in doubt. Americans rack up $12.7 trillion in debt. Earnings updates. Google I/O; the machines are learning to learn.   Financial Review by Sinclair Noe for 05-17-2017 DOW – 372 = 20,606 SPX – 43 = 2357 NAS – 158 = 6011 RUT – 38 = 1355 10 Y – .11 = 2.22% OIL + .30 = 48.96 GOLD + 24.20 = 1261.90   Today marks the 225th anniversary of the New York Stock Exchange. On the floor of the exchange, they celebrated with cake and panic. Stocks started the session with triple digit losses on the Dow, and then drifted lower throughout the day. It was the worst loss on Wall Street since September, while the Nasdaq Composite Index plunged 2.6 percent for its steepest drop since June 24. The dollar fell by nearly 2 percent against the yen to its lowest level since April and hit a six-month low against the Swiss franc. The dollar index, which tracks the U.S. currency against six peers, fell 0.6 percent to its lowest level since Nov. 9, surrendering all of its “Trump bump” gains. The VIX, the volatility index jumped nearly 5 points, or 46%. The 10-year Treasury yield sank to 2.22 percent in its steepest decline since July. The spread between 10-year and two-year yields narrowed to the flattest since before Trump’s election.   Today’s drop in markets comes after Tuesday evening saw the second damaging story for President Donald Trump in as many days. The New York ...
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Financial ReviewBy Sinclair Noe